The struggling UK private bank said the well-known industry executive was chosen for her experience in business turnarounds.

Duncan Lawrie Private Bank has appointed Kleinwort Benson's former chief executive, Sally Tennant, as chairman of the board, subject to regulatory approval.

In 2014, Tennant stepped down after three years at the helm of Kleinwort Benson. She remained at the bank as a senior advisor. Prior to Kleinwort Benson, she spent three years as CEO of Lombard Odier, UK. Before that, she was CEO of Schroders Private Bank. Within her 30-year career in investment management and private banking, Tennant has also served as board director at Gartmore. She is currently vice chair of the advisory board of Paladin Capital Group and holds a number of non-executive positions in the charity sector.

Duncan Lawrie, which has offices in Belgravia, Kent, Bristol and the Isle of Man, saw its losses deepen in 2015 to £3.6 million ($5.3 million), compared to £2.5 million in 2014. In May last year, the bank's parent firm, UK-listed Camellia, said it was reviewing what to do with Duncan Lawrie after a “difficult year”.

“Sally was chosen after a lengthy search to strengthen the banking and wealth management expertise we have at board level, and to help guide the business through its transformation in the coming years. Her appointment follows the strategic review of the business conducted in 2015, and the decision by Camellia to support the business’s plans for transformation and growth,” said Duncan Lawrie Private Bank’s CEO, Byron Coombs.

“Sally has been chosen for her considerable experience in business turnarounds, and deep insight into the future of private banking and wealth management.”