THE national representative body for the financial services industry has appointed the RBS chairman in Scotland as its new board director.

The addition of Malcolm Buchanan to the Scottish Financial Enterprise (SFE) board is the fifth of 2019. Also RBS managing director for corporate and commercial banking, Buchanan is responsible for banking services delivered to some of Scotland’s largest companies.

More than 40% of the SFE Board have joined this year, including EY’s head of financial services in Scotland Sue Dawe, Philip Grant of Lloyds Banking Group, Morgan Stanley managing director Vida Rudkin and Anthony Rafferty, managing director of fintech company Origo Services Limited.

SFE chairman Grant welcomed Buchanan’s appointment to the board. He said: “Malcolm is one of the leading figures within Scotland’s financial services industry and it is a huge honour to have him join the SFE board of directors. His extensive experience will be of significant value to our expanding and increasingly diverse membership.

“The SFE board reflects the strength and depth of the financial services community in Scotland which is home to a raft of committed and talented people. The organisation continues to drive forward with and make significant progress with our ambitious industry strategy.”

Buchanan joined Clydesdale Bank in Glasgow in 1984 before moving to NatWest in 1998 and RBS in 2000.

He completed his chartered banker qualifications with the Chartered Institute of Bankers in Scotland in 1987 and in 1998 completed an MBA (Dist) at Edinburgh Business School.

Buchanan is a certified bank director with The Institute of Banking, having completed the programme in 2019. He also represents RBS on the Scottish Government’s Financial Services Advisory Board and the CBI Scotland Council.

He forecast a bright future for the country’s financial services sector as he joined the SFE board, commenting: “I am delighted to be joining the board of Scottish Financial Enterprise. Our industry is core to the Scottish economy and SFE makes a positive impact on the outcomes and experience of our customers, clients and communities which we serve.

“I am fortunate to be joining a proactive and supportive organisation and I look forward to helping participate in its future success and prepare our sector for the opportunities which lie ahead.”

In the past 12 months SFE has initiated and supported several strategic developments, including the launch of the first prospectus designed to promote the collective might of the sector and the introduction of an innovative recruitment hub in Glasgow.

The industry body has also been involved with the creation of a nationwide schools programme which promotes Scotland’s financial services to young people from all backgrounds.

SFE has looked to appeal to younger Scots amid evidence of a surge of interest and participation in the industry by those at the early stages of their career, with a 60% increase in the membership of the SFE Young Professionals network.

This follows the appointment of a new chairperson for the group earlier this year and two deputy chairpeople, one in Edinburgh and one in Glasgow.