He will be succeeded by Phil Hooper, who joins from specialist property lender Pluto Finance, where he was head of lending. 

After joining Close Brothers as director in 1997, Frank was promoted in 2005 to the position of CEO at the group’s property business, which also includes commercial acceptances (CA) and Close Brothers Bridging Finance (CBBF).

When he joined CBBF, the team was just five people with a loan book of £40m.

Under his leadership, the team has grown to over 100 people, currently funding  7,100 new homes, with a UK-wide loan book of £1.7bn as of 31st July 2023.

Phil has worked in senior property finance for 15 years, most recently at Pluto Finance.

Prior to this, he spent 36 years at NatWest, most notably as head of real estate finance, in which he managed the bank’s £30bn UK real estate loan book. 

Phil has been working with Close Brothers since September allowing for a comprehensive handover alongside Frank, who will leave the business on 1st January 2024.

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Adrian Sainsbury, CEO at Close Brothers Group PLC, commented: “Frank’s track record of galvanising leadership, unwavering client service and impeccable values have been the foundation on which our property business has been built.

“Phil’s appointment represents a strong handoff on a high-performing business, which plays a critical role within the group.

“His depth of knowledge and experience in the sector means he is expertly positioned to take up the mantle and drive further growth in the years ahead.”

Commenting on his departure, Frank said: “It has been a great privilege to work alongside such a hardworking and dedicated team.

“In some ways the business is very different to the one I joined, but the collegiate environment, commitment to strive for excellence and emphasis on building long-standing client relationships, is still very much at its heart.” 

“Phil has excellent knowledge of the property finance market; impressive strategic capabilities and I have every confidence that the business will continue to excel under his leadership.”

Phil concluded: “I am incredibly proud to take on the role of CEO from Frank and I’m looking forward to leading the business’ next phase of growth, while remaining true to the values that have underpinned Close Brothers’ business model for more than 125 years.”