British Business Bank gears up with new appointments
18 October 2013
Business secretary Vince Cable has appointed Ron Emerson as the chair of the government-owned British Business Bank, which is gearing up to launch to the market.
Fri, 18 Oct 2013Business secretary Vince Cable has appointed Ron Emerson as the chair of the government-owned British Business Bank, which is gearing up to launch to the market.
Emerson has a “strong background in international banking and the SME finance landscape as well as experience in financial regulatory regimes”, according to a statement from Cable’s Department for Business, Innovation & Skills (BIS).
The business secretary also appointed Christina McComb as senior independent director. McComb is a former chief executive officer of C5 Capital and is currently senior independent director at Standard Life European Private Equity Trust, and several other SMEs and equity investment firms.
Emerson, a former CEO at Standard Chartered, says: “Good progress has already been made by the department on the existing programmes that will move into the Business Bank. Lending and investment through these programmes was up by 58% in the first half of 2013, compared to the same period last year, and we will continue to build on this momentum.”
The first commitment under the £300m Investment Programme is expected in the autumn.
The British Business Bank’s purpose is to support economic growth by bringing public and private sector funds together, including consolidating many of the government’s existing small and medium-sized business finance schemes. The Chancellor used last year’s Autumn Statement to launch the bank.
Emerson has a “strong background in international banking and the SME finance landscape as well as experience in financial regulatory regimes”, according to a statement from Cable’s Department for Business, Innovation & Skills (BIS).
The business secretary also appointed Christina McComb as senior independent director. McComb is a former chief executive officer of C5 Capital and is currently senior independent director at Standard Life European Private Equity Trust, and several other SMEs and equity investment firms.
Emerson, a former CEO at Standard Chartered, says: “Good progress has already been made by the department on the existing programmes that will move into the Business Bank. Lending and investment through these programmes was up by 58% in the first half of 2013, compared to the same period last year, and we will continue to build on this momentum.”
The first commitment under the £300m Investment Programme is expected in the autumn.
The British Business Bank’s purpose is to support economic growth by bringing public and private sector funds together, including consolidating many of the government’s existing small and medium-sized business finance schemes. The Chancellor used last year’s Autumn Statement to launch the bank.
