Stephen Welton Appointed Chair of British Business Bank as Lord Smith of Kelvin Retires

Stephen Welton, a qualified barrister, has been appointed as the new non-executive chair of the British Business Bank, replacing Lord Smith of Kelvin who served for six years in this role.

In recognition of his career in banking and his contributions to small businesses and entrepreneurship, Welton was awarded a CBE in June 2023.

Established in November 2014 with the aim of driving sustainable growth and prosperity in the UK and facilitating the transition to a net zero economy, the British Business Bank fulfills its mission by providing small businesses with access to financing.

Welton previously served as the founding CEO of the Business Growth Fund, which is now known as BGF.

Expressing his enthusiasm for the role, Welton said, “I have dedicated much of my career to investing in growing companies and backing entrepreneurs and innovators. I believe passionately that finance is a vital ingredient in helping smaller businesses start up, grow, and achieve their ambitions, and to maintaining their enormous contribution to the UK economy nationwide. That is why I am delighted to take up my position at the British Business Bank as Chair. This is a pivotal time for the economy as we look to drive innovation and growth, while substantially increasing the level of long-term investment in the UK. I look forward to working with the team at the Bank as well as colleagues in Government and the private sector.”

Fresh appointment: Stephen Welton has been appointed as the new non-executive chair of the British Business Bank

Welton’s predecessor, Robert Haldane Smith, is a highly regarded figure in Scottish business. He currently holds the chairmanship of SSE and the UK Green Investment Bank, and has previously held senior positions with National Commercial and Glyns, the Royal Bank of Scotland, and Charterhouse Bank. He also served as the chair of the Weir Group.

Louis Taylor, CEO of the British Business Bank, expressed his excitement about Welton’s appointment, stating, “Welton has an impressive record of leadership, significant investment and scale-up expertise, and has demonstrated a deep commitment to smaller businesses

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