Business Secretary Vince Cable has confirmed the appointment of Ron Emerson as the first Chair of the Government-owned British Business Bank.
Ron Emerson will play a crucial role in leading the institution, including the process of appointing a CEO later this year. He has a strong background in international banking and the SME finance landscape, as well as experience in financial regulatory regimes. He is an active member of the faculty at the Said Business School, University of Oxford.
The Business Secretary has also confirmed the appointment of Christina McComb as Senior Independent Director. She is a former Chief Executive of C5 Capital, and is currently Senior Independent Director at Standard Life European Private Equity Trust and several other SMEs and equity investment firms.
The British Business Bank’s purpose is to support economic growth by bringing together public and private sector funds to create more efficient finance markets for UK SMEs. The institution will consolidate many of the government’s existing SME finance schemes, as well as an extra £1 billion of funding which the chancellor announced in the Autumn Statement last year.
Vince Cable says this is an important milestone in the establishment of the British Business Bank: “Ron and Christina bring a powerful combination of business finance and policy experience that will ensure that the bank improves the supply of finance to smaller businesses.
“The UK is coming out of the worst recession since the 1930s with a badly damaged banking system. Helping businesses to access the funds they need to grow is key to our recovery. By working closely with the markets, the British Business Bank will help unlock up to £10 billion of additional finance for SMEs over the next five years.”