MOVES-Britain's largest Islamic bank Al Rayan appoints new COO

June 28 (Reuters) - Birmingham-based Al Rayan Bank, Britain’s oldest and largest Islamic lender, said on Wednesday it had appointed Paul McMillan as chief operating officer as part of the bank’s expansion efforts.

McMillan will oversee operations, an area the bank is investing heavily to grow its business, after the lender tapped the capital markets in February raising 250 million pounds ($352 million) via a debut sale of Islamic bonds.

McMillan, a former chief executive of mortgage servicing firm Acenden, takes over the role from the bank’s previous COO Venkat Chandrasekar.

Al Rayan is one of five standalone Islamic banks in Britain and is owned by Qatar’s Masraf Al Rayan. (Reporting by Bernardo Vizcaino; Editing by Gopakumar Warrier)