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Finance and risk experts join British Business Bank plc Board as Non-executive Directors

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*** Jonathan Britton will chair the Audit Committee of the Board ***
*** Maria Turner will chair the Risk Committee of the Board ***
*** Both are independent Non-executive Directors as defined by the UK Corporate Governance Code ***

British Business Bank plc today announced the appointment of Jonathan Britton and Maria Turner as independent Non-executive Directors. Both appointments are with immediate effect, and both of them for an initial period of 3 years.

Britton, a 35-year banking veteran, will chair the Audit Committee, and Turner, who has over 25 years’ experience in risk management, will chair the Risk Committee. Both appointments followed extensive search processes involving executive search firm Odgers Berndtson and were led by the company’s Nomination Committee, chaired by Ron Emerson.

Commenting on the two appointments, the Chairman of British Business Bank plc, Ron Emerson said:

“This is another step in building the British Business Bank for the long term, which includes ensuring that the Board has the right breadth and depth of commercial experience and that it operates in accordance with the best corporate governance practices. Maria and Jonathan bring a wealth of financial and risk management experience that a sophisticated institution like ours must have, and I am delighted to welcome them to the Board.”

Jonathan Britton is currently a Non-Executive Director of ICICI Bank UK Limited, and also chairs the Audit Committee. Since 2006, he has also been a Director of Sparks, a leading children’s medical research charity, and became Chairman in July 2012. He is a Chartered Accountant with 35 years banking experience spanning SME, corporate banking, and investment banking businesses. Most recently, Mr Britton was Divisional Finance Director and Head of Strategy for the Wholesale Division at Lloyds Banking Group from 2009 to 2012 and prior to that, Global Controller and Head of Treasury at Barclays Bank plc from 2006 to 2008. He previously held senior posts in UBS’s Investment Banking Department.

Maria Turner is currently Chief Risk Officer at Mizuho International Plc bank in London , with over 27 years risk management experience managing risk in wholesale, retail, commercial, and in investment banking businesses. She is a senior Managing Director and a member of the company’s Executive Committee. She reports to the CEO and Board Risk Committee, and is involved in advising on business and risk related strategic initiatives as well as the design and implementation of risk frameworks and governance. She has global banking experience working in top tier US, European and Asian banks. Previous roles include Managing Director in Risk and Director Trustee of the Pension fund at Santander UK from July 2011 to March 2013 reporting to the CRO, and advising the firm’s Executive on strategic and firm wide risk and business initiatives, in wholesale banking, treasury, and lending portfolios. Maria has also held senior positions in other banking institutions including Managing Director in risk Management at JPMorgan.

The Board expects to make several further independent Non-executive Director appointments over the coming months to complete a board with a broad and complementary set of skills that will be representative of the extensive geographical and sectoral spread of interests that it seeks to serve.

 

Media Enquiries to Jo Fletcher on 020 7215 5951 or via email at joanna.fletcher@bis.gsi.gov.uk

 

Notes to Editors
About the British Business Bank
The British Business Bank’s strategic intent is to ensure that finance markets for small and medium-sized businesses work effectively, allowing them to prosper, grow and build UK economic activity. It is a key element of the Government’s Industrial Strategy, and its programme is already contributing to making the UK the best place in Europe to start, grow and finance a business.

The British Business Bank programme is currently run directly by the Department for Business, Innovation and Skills and is not authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority. British Business Bank plc will operate as a Government-owned financial institution once HM Government has received European Commission State aid clearance, which is expected in 2014.

Recent performance highlights and developments include:

  • £660m of total lending and investment supported in 2013, up 73% versus 2012; approximately half of this was through alternative finance providers.
  • 25,000 businesses were benefitting from £1.5bn of lending and investment supported by British Business Bank programmes at the end of 2013.
  • 10 commitments to date under its combined Investment Programmes will support over £800m of lending capacity through a range of alternative finance provider models.
  • Wholesale Guarantees pilot launched to incentivise new SME lending by regulated banks by using a government-backed portfolio guarantee to reduce the amount of capital they need to hold for SME lending.

 

Biography for Jonathan Britton
Jonathan Britton has 35 years’ experience in banking, spanning corporate, SME and investment banking businesses.
Jonathan is currently a Non-Executive Director of ICICI Bank UK Limited, and also chairs its Audit Committee. Since 2006, he has also been a Director of Sparks, a leading children’s medical research charity, becoming Chairman in 2012. Most recently, he was Divisional Finance Director and Head of Strategy for the Wholesale Division at Lloyds Banking Group and prior to that, Global Controller and Head of Treasury at Barclays Bank plc from 2006 to 2008. He previously held senior posts in UBS’s Investment Banking Department.
Jonathan holds an MA in Engineering Science from Keble College, Oxford and is a qualified chartered accountant.

Jonathan Britton will receive a fee of £25,000 per annum as a Non-executive Director of British Business Bank, and a further fee of £5,000 per annum in respect of chairing the Audit Committee of the Board. Other than out of pocket expenses, he is not eligible for any bonus or other payments in respect of these roles.
A photograph of Jonathan Britton is available upon request from the BIS Press Office.

Biography for Maria Turner
Maria Turner has over 27 years risk management experience managing risk in wholesale, retail, commercial, and in investment banking businesses.

Maria is currently Chief Risk Officer at Mizuho International Plc bank in London. She is a senior Managing Director and a member of the company’s Executive Committee. She reports to the CEO, Board Risk Committee and is involved in advising on business and risk strategic initiatives as well as the design and implementation of risk frameworks and governance. She has Global Banking experience working in top tier US, European and Asian banks. Previous roles included Managing Director in Risk and Director Trustee of the Pension fund at Santander UK from July 2011 to March 2013 reporting to the CRO, and advising the firm’s Executive on strategic and firm wide risk and business initiatives, in wholesale banking, treasury, and lending portfolios. Maria also held senior positions in other banking institutions including Managing Director in risk Management at JPMorgan working in a number of roles and projects including the acquisition and integration of the RBS Sempra business, principle investment portfolios and nominated a Director for the London based PRA regulated entity.

Maria has a BSc Hons in Mathematics from the University of Newcastle-upon-Tyne and is a qualified Chartered Accountant.

Maria Turner will receive a fee of £25,000 per annum as a Non-executive Director of British Business Bank, and a further fee of £5,000 per annum in respect of chairing the Risk Committee of the Board. Other than out of pocket expenses, she is not eligible for any bonus or other payments in respect of these roles.

A photograph of Maria Turner is available upon request from the BIS Press Office.