ADVOCATE Larry Keenan has announced his retirement from the board of Barclays Private Clients International Limited after 16 years a as non-executive director and 23 years of working with the bank.
Larry said that since beginning work with the bank in 1987 there have been some major changes, the most significant being that while Barclays Group has a number of businesses in the Island, in 1987 the banking business was conducted through a branch network that was part of the UK Bank.
Eight years ago a strategic decision was made to create a major subsidiary, Barclays Private Clients International Ltd, and locate it in the Isle of Man with branches in Jersey and Guernsey.
Since then the company has become the largest Isle of Man incorporated bank.
In the past 23 years Barclays has grown significantly in the Isle of Man. The bank said its contribution to the Island’s economy is significant - not only through direct taxation of its profits and its staff but also the economic spend and the use of local services and suppliers.
In reviewing his time as a director, Larry said: "I have thoroughly enjoyed the challenges associated with such development and growth over the past 20 odd years and believe that this has only been possible because of a sensible approach to the development of the banking sector by government and the various ministers and officials over the years, and of course key senior management within the group."
He added: "Eddie Shallcross, who moved to the Island in 1987, had an exceptional vision for the development of the bank convincing senior political figures on the Island and senior management within the Barclays Group that the development of the bank to provide enhanced services for the international sector would benefit all.
"Eddie set the foundation which has been built upon and extended by the current team who under managing director Greg Ellison will continue to move the business forward."
Mr Keenan said it was his intention to step down two years ago, but as further board and structural changes were ongoing he was asked to stay on until these were in place and agreed to do so.
"I depart leaving an excellent board of executives and non-executive directors all of whom are focused in taking the business forward in the various areas in which it is involved. I wish them continued success."
Larry, who is the senior partner of Laurence Keenan Advocates and Solicitors added that while this may be the end of his connection as a non-executive director, the legal practice is still a panel member for Barclays Group and the relationship would continue for who knows, possibly another 23 years!
Managing director for Barclays Wealth Greg Ellison said: "During his time with Barclays Wealth, Larry has helped to build a board of real stature consisting of experienced individuals with first class capability.
"During the past two years the banking industry has endured some of its most difficult times, Larry has helped to steer the company through these challenging times of economic downturn ensuring Barclays Wealth has emerged strongly.
"He hands over the reins to his successor with the company in great shape.
"I would personally like to thank Larry for his invaluable contribution to the company. He has been a great mentor and source of counsel to me personally and has helped create a platform for growth during these most challenging times. I would like to wish him and his family all the very best for the future."
Larry’s successor as chairman will be announced soon.
