Carlton Financial Group, the independent private merchant banking group based in London, is pleased to announce that Sir Francis Mackay has been elected as Chairman with immediate effect.

Sir Francis joined the Carlton Financial Group as non-executive vice chairman in February 2006. He is also an investor in the business, alongside Halifax Bank of Scotland (which acquired a 9.9% holding in the Group in September 2006) and other individual partners. Andrew Taee, who held the posts of Chairman and Chief Executive, continues in his principal role as Group Chief Executive.

The Group also announces the appointment of Sir Ralph Robins as the Chairman of Carlton's non-executive advisory board. As well as chairing Rolls Royce plc for eleven years (1992–2003), he brings considerable industrial and financial experience to the Group, holding non-executive roles most recently at Standard Chartered plc, Shroders plc, Marks & Spencer plc, and Cable & Wireless plc.

On 11 September 2006, Carlton announced that Bank of Scotland, part of the HBOS group, had acquired its 9.9 per cent strategic shareholding in the Group. HBOS and Carlton will work together to develop opportunities throughout the Carlton network for HBOS to apply its significant financial strength to funding property and industrial transactions.

Founded in 2004, Carlton Financial Group consists of two complementary businesses: Carlton Corporate Finance, an independent corporate finance and advisory firm, and Carlton Capital Partners LLP, which provides investment management advisory services to private clients and investment institutions.

Andrew Taee, Group Chief Executive of Carlton Financial Group said:

"I am delighted that Sir Francis Mackay is taking on this important role at this stage of our development. Since joining our board, he has made a significant contribution to Carlton and we are thrilled to have his increased commitment going forward. As a highly respected individual with a distinguished career, he brings invaluable experience of today’s complex corporate world and is a tremendous asset to the Group and our clients."

"The creation of our advisory board adds a further dimension to our business and we are privileged to have Sir Ralph Robins’s close involvement with Carlton. Both individuals command considerable respect across the global commercial world and their experience adds further depth and authority to our business."

Sir Francis Mackay commented:

"The Carlton model and strategy of building an independent international merchant banking business alongside a strong fund management capability is proving to be successful and has captured the endorsement of blue-chip investors, internationally operating clients and high quality professionals. I have been particularly impressed by the achievements of the business over a relatively short time scale and I look forward to playing a full role in helping the business grow and develop."