Former HSBC chief John Flint has been named the first permanent head of the new government infrastructure bank (Treasury / PA).
By Holly Williams, PA Assistant City Editor
Former HSBC chief John Flint has been named the first permanent head of the government’s new infrastructure bank.
Chancellor Rishi Sunak said the appointment of Mr. Flint was an « important milestone » for the bank, which opened in June to invest in renewable energy, transport to support digital infrastructure, water and waste management.
It will also fuel local and regional economic growth as part of the government’s leveling agenda.
Mr. Flint will take office as Chief Executive of the bank on September 27th and operate from its headquarters in Leeds.
Mr. Sunak said: “This is an important milestone for the bank in its efforts to combat climate change and while creating new opportunities across the UK as part of our plan for jobs.
« Mr. Flint brings excellent financial and management expertise that will be critical to running the company when he does. » Operation expands and begins to fulfill its mission to fund projects in every region of the UK. ”
It follows Mr. Flint’s departure from HSBC in 2019 after less than 18 months as CEO amid a reported divide with the new Chairman Mark Tucker.
« The purpose of the UK Infrastructure Bank is clear and the opportunity to play a role in accelerating the UK’s transition to a low carbon economy and catalyzing regional economic growth is exciting. » p> Be ahead of the day with the morning headlines at 7.30am and Fionnán Sheahan’s exclusive version of the daily news every afternoon with us em free daily newsletter.
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I am delighted that we have been able to win John Flint, the former CEO of HSBC Group, as permanent CEO of our new @UKInfraBank in Leeds. An extraordinary attitude and a Yorkshireman on top of that! https://t.co/kPMFbSk9D9
It will be able to buy £ 5bn equity for UK infrastructure projects and lend £ 7bn and guarantee loans of £ 10bn.
It will start with loans, equity and guarantees to private companies first before being given out to local authorities later this summer.
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