Mark Pain to succeed Mike Biggs as Close Brothers chair

The transition follows Biggs’ long-standing commitment to the firm, which specializes in merchant banking and securities trading. Mark Pain, who currently serves as the senior independent director, will assume the chairmanship as the company navigates the challenges of the current economic climate.

Close Brothers Group confirmed the appointment on Friday, finalizing a succession plan that ensures continuity at the board level. The shift comes as the lender continues to manage its portfolio while addressing regulatory and market pressures that have defined the recent performance of the specialist banking sector in the United Kingdom.