Montrose-born Bob Maiden, who has died aged 89, was one of the last of Scotland’s gentleman bankers.
As managing director of the Royal Bank of Scotland, his watchwords were integrity, due diligence, transparency and accountability, as opposed to the ruinous rock and roll financial practices which were to follow him.
He was the first manager of the the RBS computer centre which progressed from a bold new experiment to the fundamental business essential in modern-day banking.
By the time he retired in 1991, having reached the very top via Manchester Business School, his name had appeared on some 350 million banknotes.
Robert Maxwell’s bravado didn’t cut it
It was his steadfast banking principles which Bob employed when the business tycoon Robert Maxwell strode into the St Andrew Square headquarters of RBS in 1986 and announced that he was in Edinburgh to save that year’s Commonwealth Games and that the Scottish banking world must help him.
There was a £2 million black hole in the business plan as various broadcasters and sponsors pulled out.
Bob Maiden listened as Maxwell described how much new business RBS could enjoy by pledging a significant contribution to the cause.
It was Bob’s patriotic duty to come up with the cash – maybe a million or so would do it. Of course, the bank would get its money back. Perhaps Bob could even stand next to the Queen as she opened the games at Meadowbank Stadium.
This was a proposition which could not be rushed. Although sympathetic and willing to be persuaded, basing his decision on best business practice and responsible financial assessment, Bob was unconvinced by Maxwell’s bravado.
Correct assessment
Bob turned Maxwell down, concluding that RBS would never see its investment again. It was a decision which proved to be correct.
Some years later, when the tycoon disappeared from his yacht, having stolen £450 million from the Mirror Group pension fund and defaulted on a £50 million bank loan, Bob realised that he was perhaps the only banker who had not been intimidated by Maxwell’s presence, behaviour or bullying demands.
Robert Mitchell Maiden was born in Montrose where his family runs metal fabricating firm, Harry Maiden, which is still thriving today.
He joined Royal Bank of Scotland in Montrose as an apprentice aged 16 in 1950.
After service in Montrose and Arbroath, he was transferred in 1957 to head office in Edinburgh and became an inspector.
In 1965 he was appointed manager of the bank’s first computer centre team, which he led for three years.
Promotion
After five years as manager in Dunfermline, Bob was appointed superintendent of London branches in 1974, treasurer in 1976 and a member of the Bank of England’s “lifeboat committee”.
By 1982 he was finance director and a member of the main board, having been chief accountant and general manager of financial control.
When the Royal Bank merged with Williams and Glyn in 1985, Bob had been their executive director for a year, responsible for their banking operations across the UK.
The following year he was appointed managing director of the Royal Bank of Scotland and introduced a new corporate motto: Where People Matter.
He oversaw the bank’s pension fund, and was one of the original directors of Direct Line insurance.
Adviser
Following his retiral, Bob continued to advise two European banks. He was vice-chairman of CC Bank AG in Germany, and a non-executive director of CC Banque in Belgium which were jointly owned by RBS and Banco Santander.
Bob was a member of the Court of Edinburgh Napier University for 10 years, served with Investors in People for five years, and was a member of the Accounts Commission for seven years.
He was a Fellow of the Chartered Banker Institute, the Chartered Management Institute and of the Royal Society of Arts.
Bob was a former director of the Junior Chamber and the Senior Chamber of Commerce and a vice-president of both the Scottish Council, Development and Industry and the Chartered Banker Institute.
His wife Margaret predeceased him in 2012, and in 2018 he married Dr Pamela Molyneaux, with whom he travelled the world in his later years.
Kirk elder
A keen swimmer, golfer and interested in many sports, especially football, Bob was a lifelong member of the Church of Scotland.
He had served as organist at Hillside Parish Church, by Montrose, when he was 21, was ordained as an elder at Dunfermline Abbey and was an active elder there and at Colinton Parish Church, Edinburgh, for 30 years — where he was at morning service before his sudden death at home in the evening with Pamela by his side.
For six years Bob was a member of the Church of Scotland personnel committee. He examined and advised the church’s pension scheme, preparing two reports which he submitted to the General Assembly.
A celebration of Bob Maiden’s life will be held at Colinton Parish Church, Edinburgh, on Saturday, December 10 at 2.30pm.
You can read the family’s announcement here.
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