Chancellor Rishi Sunak has appointed John Flint as the first permanent Chief Executive Officer of the UK Infrastructure Bank (UKIB).

He will lead the organisation to support regional growth and tackle climate change.

The UKIB opened in June to accelerate investment in ambitious infrastructure projects in sectors including clean energy, transport, digital, water and waste.

Announcing the appointment, HM Treasury said the new UKIB Chief will be tasked with leading the Bank to accelerate investment into ambitious infrastructure projects that cut emissions and help level up every part of the UK.

Born in Yorkshire, John Flint will be based at the institution’s headquarters in Leeds - he most recently held the role of Group Chief Executive of HSBC where he spent 30 years holding various senior leadership positions across the business including Chief Executive of Global Asset Management, Group Treasurer and Deputy Head of Global Markets.

First announced by the Chancellor alongside the Spending Review, the UKIB will help finance important projects in every region and nation of the UK in sectors including clean energy, transport, digital, water and waste.

The Bank 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.

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.”

UKIB has been operational in interim form since June 2021 and is the new, government-owned policy bank, focused on increasing infrastructure investment across the United Kingdom.

The UKIB is partnering with the private sector and local government to finance a green industrial revolution and to support regional and local economic growth across the country.

The Bank’s £22 billion of financial capacity consists of £5 billion of equity, £7 billion of debt, and £10 billion of guarantees.