SAV CREDIT APPOINTS CHIEF EXECUTIVE OFFICER

SAV Credit Ltd, the UK’s leading non-prime credit card provider, has appointed James Corcoran as Chief Executive Officer.

Mr Corcoran has a long and distinguished track record in the retail financial services sector.  He joins SAV Credit from Washington Mutual Inc based in Seattle in the USA where he was President of Retail Banking from 2006.  Prior to that he was Head of Retail Distribution of HBOS plc, where he was responsible for the sales, service and fulfilment of all HBOS products and services.

Earlier in his career he headed the launch of Bank One’s credit card business in the UK in 1999, which was later sold to Halifax.  He also was responsible for successfully launching the Gold card at American Express at the start of his career. 

The appointment of Mr Corcoran enables SAV Credit’s Founder and former Chief Executive, Richard Langstaff, to move to the role of President, where he will focus on the strategic development of the group including possible acquisitions as it continues to grow its leading UK market position. 

Commenting on Mr Corcoran’s appointment SAV’s President Richard Langstaff said: “The appointment of a retail banking executive of James’ calibre is a coup for SAV Credit and a clear statement of our commitment to continue to expand the Company and gain greater market share.  The current economic environment will produce further attractive opportunities for us to acquire additional credit card portfolios from other card issuers.”

James Corcoran added: “I am delighted to join SAV Credit, which is uniquely positioned to serve this segment in the credit card market with its specialist team and its proprietary underwriting and account management models.  The growth opportunities for the Company are very exciting and I look forward to being part of its next stage of development.” 

 SAV Credit, founded in 2001, pioneered credit card lending to the underserved non-prime market in the UK which is overlooked by mainstream financial service providers.  The business has expanded significantly with the support of the Company’s private equity partners, which include Palamon Capital Partners, Electra Private Equity, and Morgan Stanley Alternative Investment Partners.

Most recently, in November 2008, SAV appointed Michael Says, previously FD of Lloyd’s Retail Bank and a former CFO of Capital One Europe, as CFO.  These senior appointments reflect the Company’s commitment to further expansion.  In October 2007 SAV Credit acquired the marbles credit card business from HSBC Bank plc.  Together with the aqua credit card also operated by SAV, the acquisition increased the group’s account base to more than 500,000 and its receivables to more than £500 million.  The acquisition was funded substantially by a new debt facility from The Royal Bank of Scotland together with SAV Credit’s existing shareholders. 

For further information please contact:

Jonathan Flint / Kevan Reilly
Citigate Dewe Rogerson
Tel: 020 7638 9571

About SAV CreditSAV Credit, a financial services business built by a management team from within the credit card industry, has developed the aqua credit card for the underserved market in the UK and is the owner of the marbles brand which it bought from HSBC in October 2007. SAV was founded in January 2001 by Richard Langstaff, who has held senior investment banking roles with Citibank and Deutsche Bank and founded debt purchaser Cabot Financial in 1997.  Its non executive directors include SAV’s chairman John Crewe, a former President of International Marketing and Development of the Global Financial Services Group at American Express and Lord John Eatwell, President of Queens’ College, Cambridge and Professor of Financial Policy at the University of Cambridge.  It is backed by management and a group of leading private equity investors including Palamon Capital Partners, Electra Private Equity and Morgan Stanley Alternative Investment Partners.

To find out more about SAV Credit visit www.savcredit.co.uk