Staff at Unity Trust Bank will receive 100 shares each in the organisation as part of a new employee ownership plan.
The plan involves the creation of an employee benefit trust that will acquire and distribute shares to staff. The bank has provided a £50,000 gift to the trust to set up the scheme and acquire shares from the current shareholders, which include trade unions and the Co-operative Bank.
All staff members who have worked at Unity Trust Bank for one year will receive an initial gift of 100 shares. Those who have been at the bank for ten years will receive a further 100 shares. Through the annual profit-sharing scheme staff can also opt to receive shares instead of cash. Trustees of the employee benefit trust will include staff representatives and an independent trustee.
Richard Wilcox, managing director at Unity Trust Bank, said: “This is an important move in our commitment to Unity’s staff and our recognition of their vital role in building the bank’s continued success. As Graeme Nuttall expressed in his important report for the government last year, employee ownership gives staff a significant and meaningful stake in their organisation. It helps to build successful businesses in which employees enjoy working.
“As a socially responsible bank founded on strong social values, this is a natural step for Unity. It reflects our low staff turnover and our focus on strong customer service rather than sales – a core value both for our existing staff and for those attracted to joining us from the corporate world.”
Unity Trust Bank was a pioneer in the early employee share ownership plan market in the UK during the 1980s and successfully funded a number of schemes from borrowers across a broad spectrum of business. It is currently exploring new lending structures including employee share ownership plans to drive growth in a range of socially responsible areas.
In the latest Banking Survey from Charity Finance magazine, Unity Trust Bank scored the highest of any bank for telephone services and customer satisfaction with fees and charges.
