UK appoints head for government-backed business bank
LONDON Oct 17 (Reuters) - Ron Emerson, a former executive of Standard Chartered, has been appointed the first chairman of Britain's Business Bank, with a remit to unlock financing for small businesses, the government said on Thursday.
The Business Bank is intended to fill in a gap left by mainstream lenders who have been accused of starving small businesses of credit as they focus on slimming down and bolstering their capital to meet tougher regulations.
"Helping businesses to access the funds they need to grow is key to our recovery. By working closely with the markets, the British Business Bank will help unlock up to 10 billion pounds ($16 billion) of additional finance for small and medium sized businesses over the next five years," said Business Secretary Vince Cable.
Emerson spent the majority of his career in international banking, holding a number of senior management positions with Bank of America, Nomura and Standard Chartered, where he was a member of the group management committee and group head of corporate banking.
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