Cable To Name Emerson As Business Bank Chair
A former executive at Standard Chartered, the emerging markets bank, is to take the helm of the new business lender being set up by Business Secretary Vince Cable.
Sky News understands that Ron Emerson will be named later on Thursday as chairman of the British Business Bank.
Mr Emerson has spent much of his career in international banking at Bank of America and Nomura, and now chairs Fairfield Energy, the oil company.
His appointment will be announced alongside that of Christina McComb, previously of 3i and the Shareholder Executive, the body which manages state-owned companies.
She is to become the senior independent director of the Business Bank.
Their appointments are a further step along the road to the establishment of the new organisation, which is being set up to fill what Mr Cable has described as a gap in the market for lending to SMEs.
Lord Davies, the former trade minister and a former colleague of Mr Emerson, said he was "an inspired choice for the chairman's job ... with huge banking and industrial experience".
The Business Bank will incorporate £2.9bn of capital from existing Government finance schemes as well as £1bn of new state capital announced by the Chancellor in last year's autumn statement.
It is expected to be operational by the autumn of next year, subject to state aid clearance from Brussels, but has faced scepticism from some business groups about whether its size will enable it to make a genuine difference in the SME finance market.