Stephen Welton, a seasoned investor and executive with a notable track record in global investment, has been appointed as the non-executive chair of the British Business Bank, as announced on Wednesday. Welton previously held leadership roles at the Business Growth Fund, CCMP Capital, and Barclays (LON:BARC) Private Equity. He succeeds Lord Smith of Kelvin, who served in the role for six years.
Welton is not new to the British Business Bank; he was instrumental in its establishment in 2013. His appointment was warmly welcomed by Minister Kevin Hollinrake, who lauded his investment acumen and entrepreneurial prowess.
The British Business Bank, primarily focused on supporting UK SMEs, recently reported a loss of £135.3 million (GBP1 = USD1.2151). The bank's CEO, Louis Taylor, attributed this loss to drops in portfolio valuation.
Taylor views Welton's appointment as a significant development for the bank. He believes that Welton's extensive experience and leadership will act as a catalyst for growth, driving innovation and long-term investment in the UK. Before this appointment, Welton also served as an adviser to the UK government and was part of the Treasury's Patient Capital Review panel.
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