Scottish Building Society has revealed that, following a 10-year term, with five years at the helm, Raymond Abbott will retire as its chair towards the end of the year.

Ian Wilson has been appointed as his successor, subject to regulatory approval.

Wilson (pictured) has had a 40-year career in the industry, having enjoyed senior management positions at high street banks, challenger banks and building society sectors. He has also worked with neo banks such as Monzo, Revolut and Copenhagen-based, Kompasbank.

Scottish Building Society is the world’s oldest remaining building society with a heritage stretching back to 1848.

Wilson said: “I am very much looking forward to joining the team at Scottish Building Society and continuing in Raymond’s footsteps to build a positive future for the organisation. My experience across financial services and fintech firms will complement the ambitious growth trajectory mapped out by senior management at Scottish Building Society.”

Paul Denton, CEO at Scottish Building Society, added: “I would like to thank Raymond for his contribution over the last ten years. His presence and passion will be greatly missed, but Ian is a worthy replacement. He is a well-respected figure in the UK’s financial services sector and we are incredibly pleased to welcome him on-board.

“His appointment is timely as Scottish Building Society embarks on an exciting new chapter as we shape the future of the organisation, whilst remaining true to our purpose and providing flexible, personal and reliable services and products to our valued members.”