Patrick Magee to step down as CCO of the BBB
The key figure behind delivering the Covid-19 support schemes has stepped down from the British Business Bank.
Patrick Magee will step down as chief commercial officer and executive director of the British Business Bank in June following 10 years’ service.
Chief executive Catherine Lewis La Torre praised Magee for his role in delivering the coronavirus business interruption loan scheme (CBILS), coronavirus large business interruption loan scheme (CLBILS) and the bounce back loan scheme (BBLS) during the pandemic.
Magee worked on the design and establishment of the state development bank when he was hired as shareholder executive in June 2012 then became executive director and chief operating officer in October 2014 after the bank was established, before being made chief commercial officer in 2014.
Prior to his time at the bank, Magee was a managing director of corporate finance at JP Morgan Cazenove.
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“Patrick has been an outstanding member of the British Business Bank’s board and senior leadership team, helping to build the organisation from scratch to one with considerable scale and impact today,” said Catherine Lewis La Torre, chief executive of the British Business Bank.
“Patrick leaves behind an impressive legacy which, for years to come, will continue to support start-up and scale-up businesses across every region and nation of the UK.
“Since March 2020, Patrick has led the bank’s Covid-19 response for smaller businesses on behalf of government, delivering CBILS, CLBILS and the BBLS.
“I would like to thank him for his commitment over the last 10 years, and I look forward to his ongoing contribution until June and wish him well in the next phase of his career.”
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“It has been a great privilege to be part of the team that established the British Business Bank in 2012 and has been responsible for its subsequent growth,” said Magee.
“Our goal was to build an institution that delivered the right finance to help smaller businesses succeed across the UK by increasing choice and reducing regional imbalances in access to finance.
“We now support over 1.6 million smaller businesses with more than £80bn of finance through our programmes.
“Late last year I discussed with the board my desire to focus on the next phase of my career and have agreed that I will spend the time to June executing on and transitioning my responsibilities.”