Grant will take over the role at Scottish Financial Enterprise (SFE) from Jim Pettigrew, the chairman of Clydesdale Bank owner CYBG, who is stepping down after serving his full three-year term.
During his time in the chairman’s role, membership at SFE has grown by 25 per cent and engagement with both the Scottish and UK governments is said to have “increased significantly”.
Grant’s new role will be in addition to his position as chairman of Lloyds Banking Group’s Scottish executive committee. He is also managing director of customer and business risk of the insurance and wealth division of Lloyds, which includes Scottish Widows.
In 2016, Grant was appointed to chair the SFE high level strategy group which was responsible for devising the organisation’s five-year strategy for 2017-2022. The outputs of that strategy are presented at the quarterly meetings of the Scottish Government’s Financial Services Advisory Board (FiSAB), which is co-chaired by the First Minister and the SFE chairman.
Grant is already a member of FiSAB as well as the Scottish Government’s banking and economy advisory group, co-chaired by SFE chief executive Graeme Jones and Finance Secretary Derek Mackay.
Grant said: “Having a strong, growing and innovative financial services sector is vital for Scotland’s economy and global reputation.
“SFE is the focal point for the development of the economic, consumer and social value of financial services in Scotland. Its members have a shared commitment to making a wide range of career opportunities available across the diverse communities across Scotland.
“I’m very much looking forward to working with Graeme, the board and members to continue the great work that marked Jim’s time as chairman.”
Pettigrew said: “It has been an absolute privilege to have held the position of SFE chairman during which time we have seen huge progress with a new, fantastic, output-driven strategy, increased engagement with key stakeholders and record levels of membership.
“I am particularly proud of the work done to develop skills, talent and retraining as we look to maintain our industry’s enviable reputation as a world leader in financial services.
“We should always trust the young and invest in their future. They are the leaders of tomorrow with the potential to transform this industry while making a huge contribution to society.
“Philip is an excellent person to assume this prestigious role within the Scottish financial services industry. I wish him well, confident that he will continue our industry’s legacy of excellence.”
Grant’s appointment is subject to the approval of SFE members at an EGM, convened for this purpose, due to take place in June.
The SFE’s new chairman was educated in the west of Scotland, prior to joining Bank of Scotland. Having spent nine years in a range of retail banking roles, he completed a full time MBA at the University of Strathclyde, sponsored by the bank.