John Flint, former CEO of HSBC, has been appointed as the UK Infrastructure Bank’s (UKIB) first permanent chief executive.
First announced by the Chancellor alongside the Spending Review, the UKIB will receive an initial £12 billion of capital and will be able to issue a further £10 billion of Government guarantees, helping to unlock more than £40 billion of investment overall to help finance important projects in every region and nation of the UK in sectors such as clean energy, transport, digital, water and waste.
Flint, will be tasked with leading the UKIB to accelerate investment into ambitious infrastructure projects that cut emissions and help ‘level up’ every part of the UK, the Government said.
He will formally begin his role on September 27 and will be based at the UKIB’s headquarters in Leeds.
He worked for HSBC for 30 years, first joining as a graduate trainee in 1989 before holding various senior leadership positions across the business including as chief executive of global asset management, group treasurer and deputy head of global markets.
The Chancellor of the Exchequer Rishi Sunak said: “I am delighted to appoint John Flint as the first permanent CEO of the UK Infrastructure Bank. This is an important milestone for the Bank in its efforts to tackle climate change and level up, while creating new opportunities across the UK as part of our Plan for Jobs.
“Mr Flint brings outstanding financial and management expertise which will be crucial to leading the organisation as it grows its operations and starts to deliver on its mission to finance projects in every region of the UK.”
Chris Grigg, chair of UKIB, said: “The CEO will play a pivotal role in shaping the organisation’s culture, taking charge of UKIB’s development and performance, and leading its talented workforce. John Flint has an outstanding track record and deep experience within both finance and senior leadership positions; I look forward to working with him closely in his new position.
“I would also like to offer my personal thanks to John Mahon, who has served as interim CEO with considerable skill, for his many contributions to the Bank – steering UKIB through a crucial development period”.
Flint said:“This is a unique leadership opportunity. The UK Infrastructure Bank’s purpose is clear, and the opportunity to play a role in accelerating the UK’s transition to a low carbon economy, and catalysing regional economic growth is exciting.
“I look forward to getting started on the new adventure, meeting my new colleagues, and building an outstanding team.”