Scottish Building Society has announced that Ian Wilson will become its new chair “towards the end of the year”.

He replaces Raymond Abbott, subject to regulatory approval, who will retire from the post at this time.

Wilson brings a range of experience from across the financial services sector gathered in a 40-year career in the industry.

In that time Wilson held a number of senior management positions at high street banks, challenger banks and building society sectors. He currently holds a range of non-executive directorships, which include digital banks Monzo, Revolut and Copenhagen-based, Kompasbank.

Earlier in his career, he worked as risk director at Tesco bank, chief risk officer at GE Money UK and managing director at Abbey Business.

The mutual says Wilson’s “diverse blend of skillsets and with specialisms including strategy development, commercial business management, and risk and change management”, made him the right candidate to lead the business, which celebrates its 175th anniversary next year.

Abbot has worked at the Scottish mutual for ten years, including five years in the top job.

Wilson says: “My experience across financial services and fintech firms will complement the ambitious growth trajectory mapped out by senior management at Scottish Building Society.”

Scottish Building Society chief executive Paul Denton adds: “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.”