SAV CREDIT APPOINTS CHIEF FINANCIAL OFFICER

SAV Credit Limited, the leading non-prime credit card provider, has appointed a former Lloyds TSB senior executive to the key role of Chief Financial Officer as it continues to grow its leading UK market position.

Mike Says joins SAV Credit from Lloyds TSB, where he was Finance Director of the UK Retail Division, following a worldwide search.

He brings top-level experience and expertise in the credit card market to SAV Credit, including 10 years working for Capital One in the UK where he was European Chief Financial Officer.

His appointment is further evidence of the group’s commitment to growth and is the latest stage in the expansion of SAV Credit which in October 2007 acquired a portfolio of 338,000 customer accounts including the marbles credit card brand from HSBC Bank plc. In addition SAV, which is based in West Malling, Kent, operates the aqua MasterCard, which has more than 150,000 accounts.

Richard Langstaff, SAV Chief Executive Officer and founder, said: “We are delighted to welcome Mike to SAV Credit. The addition of an individual of his skill and experience level underscores our commitment to continue building SAV into a market and sector leading business.

“Mike’s track record of success with large issuers will be of real value as SAV continues to grow and consolidate its market leading position. We believe in particular that the credit crunch will continue to produce attractive opportunities for us to acquire further credit card portfolios from large prime focused card issuers.”

Mike Says added: “I am impressed by the quality of the management and team at SAV Credit and look forward to helping to drive the business forward.”

SAV Credit pioneered lending to the underserved market in the UK when it launched in 2001 and its business model is built around information-based risk management techniques.  The company has developed its own underwriting and account management models which enable it to operate successfully in its target market. The marbles deal, which was valued at £385 million, was its first acquisition.

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 Chief Executive Richard Langstaff, who has held senior investment banking roles with Citibank and Deutsche Bank. SAV is chaired by John Crewe, a former President of International Marketing and Development, Global Financial Services Group at American Express.  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.