Unity Trust Bank launches share ownership plan

Unity Trust Bank has launched a share ownership plan for its employees.

The plan involves the creation of an employee benefit trust that will acquire and distribute shares to staff.

The bank has also provided a £50,000 gift to the trust to set up the scheme and acquire shares from its current shareholders, which include trade unions and the Co-operative Bank.

All employees 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 10 years will receive a further 100 shares.

The plan is part of wider employee commitments being developed at the bank. For example, the bank has pledged to pay its employees, particularly those starting out in their careers, consultants and contractors, a living wage or more, which recently resulted in the business being recognised as a living wage employer.

Richard Wilcox, managing director at Unity Trust Bank (pictured), said: “This is an important move in our commitment to 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.

“Our people are our best asset. Almost 100% of staff have signed up to the plan, which I believe is a great indicator of their loyalty and commitment to the bank and to making a sustainable contribution to society.”