Scotland business

Kevin Cadman appointed chief executive of Grameen in UK

Kevin Cadman
Image caption Mr Cadman has spent more than 30 years in the banking sector

A former regional director of Royal Bank of Scotland has been appointed to oversee the introduction of the Grameen micro-lending system to the UK.

Kevin Cadman was chosen as chief executive by the Grameen Scotland Foundation.

The original Grameen bank was founded in Bangladesh in the 1970s by Nobel Prize winner Prof Muhammad Yunus.

Grameen aims to alleviate economic, health and social inequalities in some of Scotland's poorest communities.

An initial pilot scheme will serve Glasgow, North Ayrshire, West Dunbartonshire and Inverclyde.

Mr Cadman has more than 30 years of experience in the banking sector in Scotland.

He was RBS regional director for central Scotland before leaving the bank in July 2012.

Mr Cadman said: "I am delighted to join the Grameen Scotland Foundation at this very exciting moment in its history.

"The Grameen micro-lending system has helped to lift millions of people out of poverty worldwide and I look forward to drawing on my extensive experience of the financial sector as Grameen micro-loans are introduced to the UK for the first time.

"The Grameen model is all about helping individuals to make a better life for themselves by empowering them to cultivate business skills, develop financial awareness and become active members of the community.

Image caption Prof Yunus founded the original Grameen bank in Bangladesh in the 1970s

"It goes straight to the heart of what finance should be all about - knowing customers as individuals and meeting their needs and aspirations."

The foundation has already won backing from various sources, including Tesco Bank, which has provided £500,000 in loan capital.

It also counts the Scottish government and Stagecoach co-founder Ann Gloag as supporters.

Prof Yunus launched the Grameen bank to offer microcredit to the poor.

He started by lending a small amount of money to a group of villagers at a rate that would allow them to make a profit from their small businesses and still pay him back.

The model has since been copied in developing countries around the world.

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