Mr Fairey will step down from the role of chairman at the 2017 annual general meeting as he looks to scale down his business commitments.

OneSavings Bank also revealed that Dr David Morgan would also be stepping down from his role as a non-executive director.

Mr Fairey joined OneSavings Bank in April 2014 and during his time as chairman led the group through its IPO.

The bank will now be undertaking a comprehensive internal and external search process for a new non-executive chairman who can lead OneSavings Bank through its next stage of growth.

"I would like to thank Mike and David for the enormous contributions they have made to the success of OneSavings Bank,” said Andy Golding, chief executive of OneSavings Bank.

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“David has been on the board since OSB was created and has been a huge strategic influence on the bank's journey.

“Mike led the board through our IPO and has helped the bank grow and establish itself as a FTSE 250 company.

“They will both be missed and I wish them both well in the future."

Speaking about his departure, Mr Fairey added: "I have thoroughly enjoyed being part of the OSB journey and working with a high-quality board and management team, to whom I offer my very best wishes for the future."

Dr Morgan’s resignation comes after five years with OneSavings Bank and has stepped down to focus on his other business interests.

"I am proud to have been part of OneSavings Bank since its inception and helping to guide it on its journey to being the established FTSE 250 business it is today. 

“I wish the board and management all the best in continuing to build on the success to date."