City veteran Vindi Banga has been named as chair of UK Government Investments (UKGI), a Treasury body that advises on government corporate finance matters.
Banga is currently chair at the charity Marie Curie, a senior non-executive director at drugs giant GlaxoSmithKline, a non-executive director of media company The Economist Group and partner of private equity manager CD&R. He has 33 years of experience at consumer goods company Unilever, where his last role was president of the global foods, home and personal care businesses, and on the Unilever executive board.
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Vindi’s appointment comes into effect next month, following a handover with the incumbent chairman, Robert Swannell CBE.
UKGI is owned by the Treasury but independently managed, with a board comprised predominantly of independent non-executive directors.
UKGI advises on all major UK government corporate finance matters, including financial interventions into corporate structures and corporate finance negotiations.
It advises on the government’s contingent liabilities and manages the sale of all significant government corporate assets.
UKGI works closely with both the private and public sectors, advising and interacting with ministers, parliament and Whitehall departments.
“I am delighted to welcome Vindi Banga as the new Chair of UKCI,” said City minister John Glen.
“His extensive leadership experience will be a great asset for guiding the UKGI board in the coming years. UKGI provides invaluable advice and support to the government on corporate governance and corporate finance, and Vindi’s appointment will ensure this continues”.
Charles Donald, chief executive of UKGI, said that Banga joins with a “wealth of experience” from his previous and current roles.
“I am particularly pleased that this critical organisation will be led by someone who embodies our ambitious diversity and inclusion agenda and is passionate about helping me to build on the progress made to date,” he added. “I very much look forward to working with Vindi in his new role as we continue to deliver on our objectives over the next year and beyond.”