CEO of Government-owned British Business Bank Keith Morgan has today announced that he will be standing down from the role at the end of next year.

Morgan has served after eight years at the helm of the UK’s economic development bank for smaller businesses.

Appointed in January 2013 to lead the design and establishment of the Bank, he was made CEO in December 2013.

Under his leadership the bank now supports more than 90,000 smaller businesses with over £7bn of loans or investments through its various programmes.

The bank provides finance to start-ups, is a major investor in venture capital to help scale-up the UK’s most innovative companies, and has introduced regional finance programmes to the Northern Powerhouse, the Midlands Engine and other areas of the country.

It has partnered with the likes of challenger bank OakNorth and European seed fund house Seedcamp.

The British Business Bank’s Chair, Lord Smith of Kelvin, described Morgan as an outstanding leader.

“The financial capability he has created in the Bank is supporting start-ups and growing companies in every region and nation of the UK and is helping the most innovative UK companies to become the world class companies of tomorrow,” he said.

Morgan added: “It has been a great privilege to lead the establishment and growth of the British Business Bank since January 2013, following its inception.

“I am proud of the team of professionals we have recruited and the impressive capability we have built in the Bank that provides a solid foundation for the future.

“I am also enormously grateful to Ministers and colleagues in BEIS and HM Treasury as well as the range of industry representative bodies who have supported the British Business Bank throughout its development.”