September 20, 2021

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Former Unilever veteran Banga lined up to direct govt agency UKGI | Business News

2 min read

A former Unilever government is staying lined up to just take the helm of the Whitehall company which oversees taxpayers’ interests in enterprises which includes the Put up Office environment, NatWest Group and Channel 4.

Sky Information has learnt that Vindi Banga, who sits on the board of GlaxoSmithKline and chairs the cancer charity Marie Curie, is predicted to switch Robert Swannell as chairman of United kingdom governing administration Investments (UKGI).

Mr Banga, who has also been a director of Marks & Spencer, is a outstanding Town figure who now also will work as a lover at Clayton Dubilier & Rice, the buyout company, which is amid the bidders battling to buy Wm Morrison, the supermarket chain.

One particular Town insider said his appointment at UKGI could be introduced shortly.

Graphic:
United kingdom federal government Investments appears immediately after taxpayers’ interests in NatWest Group and Channel 4

His arrival at the govt-owned company will occur as a battle looms around the long term of Channel 4, the state-owned broadcaster.

Ministers have signalled their drive to privatise it as quickly as future calendar year, triggering protests from Channel 4 board associates.

UKGI also oversees taxpayers’ fascination in NatWest, which could return to the greater part personal possession in the following 12 months below authorities programs to lessen its stake.

Odgers Berndtson, the headhunter, has overseen the search for Mr Swannell’s successor.

NatWest
Impression:
NatWest could return to the greater part private possession in the following 12 months less than authorities strategies to lower its stake

Mr Swannell, who himself was chairman of M&S for various many years, has chaired UKGI and its predecessor system since 2014.

The appointment of his substitute will be signed off by Rishi Sunak, the chancellor.

A panel which contains Baroness Vadera, the former Treasury minister who now chairs Prudential, is recognized to have interviewed the shortlisted candidates.

The UKGI chairmanship pays an once-a-year cost of £40,000.

UKGI also oversees the British Business enterprise Bank, the government’s stake in Urenco, the uranium processor, and The Royal Mint.

The company has performed a considerable job in Whitehall’s response to the COVID-19 pandemic, with its team of corporate financiers giving suggestions to ministers about how to support crisis-hit industries such as steel.

UKGI was formed in 2016 from the merger of the Shareholder Govt and British isles Fiscal Investments, which was established up throughout the 2008 banking disaster to hold the public’s stakes in Britain’s bailed-out financial institutions.

A UKGI spokesman referred enquiries to the Treasury, which has been contacted for remark.

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