British Business Bank CEO Keith Morgan.
British Business Bank CEO Keith Morgan to step down in 2020
Over £7bn of SME loans and investments have been made under his watch.
After eight years leading the UK’s British Business Bank, Chief Executive Keith Morgan this morning announced plans for his upcoming departure.
Morgan, who worked closely on the establishment of the bank and became its first CEO in December 2013, said he will leave at the end of 2020 in order to facilitate an orderly handover with the incoming CEO.
“It has been a great privilege to lead the establishment and growth of the British Business Bank since January 2013, following its inception,” said Morgan on his departure plans.
“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 SMEs with over £7bn of loans or investments through our programmes.”
The British Business Bank was established as a government-owned economic development bank, designed to lend and invest in SMEs.
It operates several programmes including the bank referral scheme which passes rejected bank loan applicants onto designated alternative lending platforms, The Angel CoFund which invests in startups alongside syndicates of business angels, and the recently created £2.5bn British Patient Capital fund.
It’s also invested millions into small businesses over the years by lending via platforms like Funding Circle and MarketInvoice.
“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,” Morgan added.
A successor has yet to be announced and, given Morgan’s departure date, the bank’s board will likely take their time searching for the right candidate.