The Chancellor Rishi Sunak has decided to put John Flint, ex- Chief Executive at HSBC, at the helm of UKIB. Flint will be responsible for leading the UKIB to promote investments into various infrastructure initiatives that aim to lower emissions and assist with leveling up every part of the United Kingdom.
Born in Yorkshire, Flint is focused on UKIB’s leveling up agenda, and will reportedly be based at the institution’s head offices in Leeds. Recently, Flint held the role of Group CEO at HSBC, a firm where he spent 30 years of his career. He had initially joined as a graduate trainee back in 1989 before serving in different senior management positions across the business, including working as Chief Executive of Global Asset Management, Group Treasurer and Deputy Head of Global Markets.
First confirmed by the Chancellor alongside the Spending Review, the UKIB will be assisting with financing key initiatives in every region and nation of the UK in sectors such as clean energy, transport, digital, water, and waste.
The UKIB will get an initial £12 billion of capital and will then be able to issue an additional £10 billion of government guarantees, which should help with unlocking over £40 billion of investment overall.
The Chancellor of the Exchequer Rishi Sunak stated:
“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 CBE, Chair of UKIB, remarked:
“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.”
Grigg added:
“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.”
John Flint noted:
“I am honored to be appointed the first permanent CEO of the UK Infrastructure Bank. 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.”
Flint concluded:
“I look forward to getting started on the new adventure, meeting my new colleagues, and building an outstanding team.”
Flint was appointed after the completion of a “fair” and “open” competition and will be tasked with handling the executive functions of UKIB and, as CEO, he will be siting on the institution’s board. He will formally start in his role on September 27, 2021.