Business Bank chair appointed
Business Secretary, Vince Cable, has confirmed the appointment of Ron Emerson as the first chair of the government-owned Business Bank.
Mr Emerson, who will play a crucial role in appointing a chief executive officer later this year, has a strong background in international banking and is an active member of the faculty at the Said Business School, University of Oxford.
The Business Secretary has also confirmed that Christina McComb has been appointed as senior independent director of the bank; she is a former chief executive of C5 Capital Ltd and is currently senior independent director at Standard Life European Private Equity Trust.
Once up and running, the bank aims to support economic growth by bringing together public and private sector funds to create more effective and efficient finance markets for small and medium-sized businesses.
It will consolidate many of the Government’s existing SME finance schemes, as well as an extra £1 billion of funding announced in last year’s Autumn Statement.