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The Development Bank of Wales funds businesses that they think will benefit Wales and its people. The ones that will create ripples of growth- those that are more than a good business model or a great idea.

New Chair for Development Bank of Wales

Hon. Group Captain Sally Bridgeland FIA has been announced as the new Non-Executive Chair of the Development Bank of Wales.

She will take up the role in September 2024 when the current Chair, Gareth Bullock OBE completes his nine-year term.

Sally’s current non-executive roles include Chair at Impax Asset Management Group plc and BelleVie Care Ltd, Deputy Chair of the Brunel Pension Partnership and non-executive director at insurers Pension Insurance Corporation and Royal & Sun Alliance. She won the Non-Executive Director Awards 2023 – FTSE AIM for her role at Impax which comes to an end in July 2024. She will become Chair of the Brunel Pension Partnership in October 2024.

Her recent career has also included roles as Chief Executive of the BP pension scheme, non-executive director at Royal London, and trustee and investment committee chair at the Nuclear Liabilities Fund, NEST Corporation and the Lloyds Bank pension schemes. She was Chair of the first local government pensions pool, Local Pensions Partnership Investments (LPPI) Limited, from 2015 to 2023.

Having graduated with first class degree in mathematics from Imperial College and trained with consultancy Bacon & Woodrow as an actuary, Sally is a Fellow of the Institute of Actuaries and has served the actuarial profession on its Council and professional committees. She was awarded Honorary Fellow of CFA UK in the autumn of 2023, recognising her contribution to the actuarial profession’s thinking on sustainable investment.

She is a member of the Royal Society’s Advisory Committee on Mathematics Education (ACME) and is Chair of the Strategic Advisory Board for the Centre for Mathematical Cognition at Loughborough University.

Jeremy Miles, Cabinet Secretary for Economy Energy and Welsh Language, said:

“I would like to welcome the announcement that Sally Bridgeland will be taking on the role of Chair at the Development Bank of Wales. She will join at a dynamic time, bringing a vast wealth of experience and unrivalled knowledge. I look forward to working with Sally on her appointment in September to continue to strengthen and grow the bank’s portfolio and build on the fantastic work which has already taken place over the past seven years.

“Sally will replace Gareth Bullock, the current Chair, from September with the intervening period used to support an effective transition.”

Gareth Bullock OBE said:

“I am proud of all that we have achieved during the first seven years of the Development Bank. It has been a challenging period for Welsh businesses, but we have developed a reputation with customers and our wider network as a credible, trusted, and valued source of business funding.

“We have also made important strides as a responsible investor, increasing the supply of debt and equity finance with a social impact while promoting and advancing a greener future. I am sure that Sally will be welcomed by all at the Development Bank and given the support that she needs to help make Wales an attractive place to live, work and invest.”

Sally Bridgeland said:

“The Development Bank is a unique resource for Wales; promoting innovation, increasing prosperity, and supporting the transition to a sustainable economy. It’s a Development Bank with a clear purpose and an excellent reputation for doing the right thing. I am looking forward to working with the Board and wider team to maintain delivery excellence and support the long-term sustainability of the Welsh economy for the benefit of the people of Wales.”

The Development Bank of Wales was set up by the Welsh Government to support the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow. The purpose of the Development Bank is to bring ambitions to life and fuel possibilities for people, businesses, and communities in Wales.

Launched in October 2017 it is a cornerstone organisation for delivery of public sector financial products, supporting micro to medium businesses in Wales and increasing the supply of finance. It promotes economic development through an adaptable delivery model that is responsive to market needs whilst providing continued value for money for public funds. It delivers key Welsh Government policy objectives measured through performance targets and providing investment management and support services across the whole of Welsh Government.

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