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UK names former HSBC CEO to head new infrastructure bank

Reuters
·1-min read

LONDON (Reuters) - Former HSBC chief executive John Flint will become the first head of a new state bank designed to promote infrastructure investment, Britain's finance ministry said on Wednesday.

The government-owned UK Infrastructure Bank opened in June with 12 billion pounds ($16.5 billion) of capital and 10 billion pounds of government guarantees, and is intended to support investment in renewable energy, transport, digital infrastructure and water utilities.

"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," finance minister Rishi Sunak said.

($1 = 0.7272 pounds)

(Reporting by David Milliken, Editing by Paul Sandle)