News

British Business Bank welcomes new Chair, Lord Smith of Kelvin

Lord Smith of Kelvin has taken up his position as the new Chair of the British Business Bank, the UK’s economic development bank.

Lord Smith has now joined the British Business Bank, bringing over 20 years of chairman experience, including leading the Smith Commission on further devolution of powers to the Scottish Parliament. Most recently, he was Chair of the Green Investment Bank and oversaw the successful completion of its sale in August 2017.

Lord Smith takes over from the Bank’s interim Chair, Christina McComb, who held the position after the inaugural Chairman, Ron Emerson, stepped down in September 2016.

Lord Smith, Chair of the British Business Bank, said: “I have dedicated much of my career to advancing access to finance for smaller businesses across the UK. I believe passionately that this is a vital ingredient in helping smaller businesses invest, grow and achieve their ambitions, and to maintaining their enormous contribution to the UK economy.

“That is why I am delighted to take up my position at the British Business Bank as Chair. I look forward to working with the team at the Bank as well with as colleagues in Government.”

Keith Morgan, CEO of the British Business Bank, said: “The British Business Bank is delighted to mark this new phase in our organisation’s growth and development by welcoming Lord Smith as he takes up his position as our new Chair. He has an impressive record of leadership, significant sector expertise, and he has demonstrated a deep commitment to smaller businesses over several decades. He will be an invaluable asset to the Bank.”

ENDS

British Business Bank

James Pignon, MHP Communications, +44 20 3128 8755, bbb@mhpc.com

Scott Shearer, British Business Bank, Scott.Shearer@british-business-bank.co.uk

About the British Business Bank

The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

British Business Bank programmes support more than £3.4bn of finance to more than 59,000 smaller businesses and participate in a further £5.8bn finance to small mid-cap businesses (as at end June 2017).

As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options, including asset finance, available to smaller businesses. It has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). This guide impartially sets out the range finance options available to businesses – from start-ups to SMEs and growing mid-sized companies. Take the interactive journey at www.thebusinessfinanceguide.co.uk/bbb or download/print a copy.

British Business Bank plc is a limited company registered in England and Wales, registration number 08616013, registered office at Foundry House, 3 Millsands, Sheffield, S3 8NH.

As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.

More information, including a legal structure chart for British Business Bank plc and its subsidiaries, can be found on the British Business Bank website.