UK Infrastructure Bank gets its first permanent Chief Executive Officer
Chancellor Rishi Sunak appoints John Flint as first permanent Chief Executive of the UK Infrastructure Bank (UKIB)
LONDON, September 2, 2021 (PRESS RELEASE) -- Former HSBC chief executive John Flint has been appointed as the first permanent chief executive of the UK Infrastructure Bank (UKIB).
Flint joins UKIB after he stepped down from his role at HSBC in August 2019, where he had worked for 30 years.
He replaces John Mahon at UKIB, who was appointed on an interim basis to the role earlier in the summer and will leave his position on 17 September. Flint will formally begin his role at the bank on 27 September. He will join former British Land chief executive Chris Grigg, who is chairman of the bank.
Flint's appointment by chancellor of the exchequer Rishi Sunak follows the launch of the UKIB in June, which was set up to support regional growth. The bank, headquartered in Leeds, can issue loans, equity or guarantees to infrastructure projects, and is set to prioritise lending to clean energy, transport, digital, water and waste projects.
UKIB launched with an initial £22bn of financial capacity consisting of £5bn for equity investment, with a maximum of £1.5bn available in any one year, £7bn for loans and £10bn of private sector loan guarantees. Funding to UKIB will help to unlock more than £40bn of investment in total, according to the Treasury.
Funding was initially only available to privately-backed projects, but the Treasury said in June that it would be available to local councils later in the summer. At the time of publication, the Treasury had not confirmed if local councils were now able to apply for funding from the UKIB.
Sunak said the appointment is an important milestone in the bank's aim to tackle climate change and work on the levelling up agenda.
"Mr Flint brings outstanding financial and management expertise which will be crucial to leading the organisation as it grows its operations and starts to deliver on its mission to finance projects in every region of the UK,".
In November, the government said the facility would replace some of the functions of the European Investment Bank in the post-Brexit era, but promised it would be able to "provide more targeted support than the EIB, to be better aligned with the UK Government's objectives".
Figures produced by the Office for Budget Responsibility, however, show it will initially provide less than half the annual funding that had been given through the EIB.
About UK National Infrastructure Bank
We provide a range of financing tools across the capital structure, including loans, credit enhancement and equity investments. Our investment team assesses each proposition on a case-by-case basis, working to identify the financing structure that fits their needs most appropriately and supports the Bank's mandate.
We are responsible for the UK Guarantee Scheme, and consider proposals that fall within the scope of the Bank's mandate and investment principles, in line with our approach to other investments. The Infrastructure and Project Authority is supporting the UKIB deliver on its mandate as it reaches its full operating capacity and capability.