Mr Clegg has been chairman of the board of directors at UTB since 2001, when the bank was acquired by Insinger de Beaufort. 

The 80-year-old has served on the board of directors at the likes of Hill Samuel & Co, Daiwa Europe, as well as being a senior adviser to the Bank of England on banking supervision.

“It has been very rewarding to be part of the United Trust Bank success story and the last few years have been particularly memorable with UTB posting consistently outstanding financial results and joining the Profit Track 100 list of the UK’s fastest-growing private businesses,” said Mr Clegg.

“The bank has also been nominated for two UK Private Business Awards and recently won the title of Specialist Bank of the Year in the 2016 Bridging & Commercial awards.”

Mr Clegg paid tribute to the staff at UTB and said the bank had managed to attract some of the highest calibre non-executive directors to the board.

“Together with the bank’s dedicated staff, they are committed to creating a superb business providing customers with excellent products and service. 

“The innovation and enthusiasm shown by the team at UTB reminds me very much of when I first started in the banking industry. 

“The smaller, merchant banks were the innovators and challengers of their day, and I see much of that pioneering spirit at United Trust Bank.”

Graham Davin, CEO of UTB, paid tribute to Mr Clegg, adding: “He has guided all of us through years of stellar growth as well as through the extreme volatility and risk of the 2008 crash. 

“At all times, his attention to detail combined with his focus on the key issues and his tenacity has allowed the bank to expand and prosper. 

“He has been a friend, a promoter of clear thinking and a guide to ethics in business, and we are all the better for working under his chairmanship.”