By Oliver Smith on Tuesday 27 October 2020
The new managing director will oversee the British Business Bank's debt finance and equity capital portfolio.
The commercial arm of the British Business Bank, British Business Investments (BBI), as appointed Adam Kelly as its new managing director.
Kelly will take over from 1 November following the retirement of Peter Garnham, and will oversee the key debt finance operation which has funnelled cash to SMEs through the likes of Funding Circle, Liberis, MarketFinance and ThinCats over the years.
Kelly previously worked as director of BBI’s structured capital solutions, which supports challenger banks and asset finance providers like Atom Bank and Ultimate Finance with specific funding requirements.
“Adam is a highly valued leader with more than 23 years’ corporate and investment banking experience,” said BBI newly-appointed CEO Judith Hartley, who stepped into the role left after Catherine Lewis La Torre was promoted to CEO of the British Business Bank in June.
“I am delighted that he has agreed to take on the role of managing director of British Business Investments, and look forward to working with him as we support the UK’s economic recovery.”
Among the beneficiaries of BBI capital this year are Assetz Capital, which scooped a £15m funding line in March, and Shawbrook Bank, which raised £30m worth of regulatory capital in September as part of the BBI’s structured capital solutions.
Before lockdown, the BBI’s investments in peer-to-peer loans were revealed to have higher-than-average lossesfollowing questioning by former City minister Lord Myners.