Richard Murley replaces Nicholas Clegg, who retired after 15 years in the position.

An executive vice chairman of NM Rothschild & Son, Richard has worked in the City of London for more than 30 years, including an eight-year spell as a director of investment bank Kleinwort Benson.

Graham Davin, chief executive officer of United Trust Bank, said: “We are all delighted that Richard has agreed to join United Trust Bank as chairman. 

“He arrives at a key juncture where the bank has emerged as a rapidly developing, organic, management-controlled organisation, which is transitioning into a larger business with a growing impact and influence on its markets.

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“Richard brings a fresh pair of eyes, risk skills honed in the medical care sector and significant merger and acquisition experience.”

A qualified solicitor, Richard formerly worked on mergers and acquisitions at Goldman Sachs and took a secondment as director general of The Takeover Panel from 2003-2005.

Richard has served as the chairman of the University College London Hospitals Foundation Trust since 2010, overseeing six hospitals with 8,000 staff and a combined turnover of £934m.

In his new role, Richard will aim to help the bank continue to grow, while maintaining high standards of financial management, customer service and regulatory compliance.  

Richard added: “I am delighted to be joining the board of United Trust Bank and I’m very much looking forward to assisting Graham and the management team as they move the bank into the next stage of its successful development.

“One of my key considerations will be helping to continue the smooth transition from a successful but relatively small, specialist bank to one which will increasingly appear on a bigger stage. 

“The previous chairman … has left the bank in exceptionally good shape and I believe UTB has a bright future ahead of it.”