British Business Bank boss steps down after eight years

BRITISH Business Bank (BBB) chief executive Keith Morgan is standing down after eight years at the helm of the state-backed development lender.

Morgan was appointed in January 2013 to lead the design and establishment of the BBB and was made chief executive in December that year.

Under Morgan’s leadership, the Bank has now grown to support more than 90,000 smaller businesses through over £7bn of investments through its various programmes. These include a number of funding commitments to peer-to-peer lenders, including ThinCats and Funding Circle.

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Morgan will not depart until the end of 2020, to ensure an orderly transition to a new chief executive.

“It has been a great privilege to lead the establishment and growth of the BBB since January 2013, following its inception,” said Morgan.

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“Our goal was to build an institution that delivered the right finance to help UK smaller businesses succeed and we now support more than 90,000 British small- and medium-sized enterprises with over £7bn of loans or investments through our programmes.

“I am proud of the team of professionals we have recruited and the impressive capability we have built in the Bank that provides a solid foundation for the future. I am also enormously grateful to ministers and colleagues in BEIS and HM Treasury as well as the range of industry representative bodies who have supported the BBB throughout its development.”