Chris Grigg CBE, who has more than 30 years' experience across the real estate and financial services industries, was appointed following a fair and open competition.
He starts the job on Tuesday (4 May 2021) and the Bank will launch in an interim form on 17 May 2021. Mr Grigg has held a range of leadership roles including Chief Executive of Barclays Commercial Bank and, most recently, at British Land, a property development and investment company.
The UK Infrastructure Bank (UKIB) - headquartered in Leeds - will receive an initial £12 billion of capital and £10 billion of government guarantees, which will enable it to unlock more than £40 billion of financing for key projects across the UK. It will prioritise investment in projects that help tackle climate change, helping the UK to meet its net zero target by 2050, and level up the country by supporting regional and local economic growth.
The Financial Secretary Jesse Norman said:
I am delighted that Chris Grigg CBE has agreed to serve as Chair of the new UK Infrastructure Bank. He brings a great deal of useful experience to this important role, and I look forward to working closely with him.
Mr Grigg, who will lead the Bank's board and set the strategic direction of the organisation during an initial three-year term, said:
It is a great privilege to be the inaugural Chair of the UK Infrastructure Bank.
I am excited to lead this organisation as we build it from the ground up and ensure it provides vital financing for the UK infrastructure market and local authorities to support the transition to net zero and spread economic opportunity across the whole of the UK. I look forward to getting started.
