Welsh Development Bank opens

* Development Bank chief executive Giles Thorley, left, with Ken Skates AM.

The Development Bank of Wales opened its new headquarters in Wrexham yesterday (Friday) at Yale Business Village on the Technology Park.

With regional offices in Cardiff and Llanelli the new HQ supports the Bank’s pan-Wales location strategy to serve businesses across the whole of the country.

23 of the Bank’s 172 staff will initially be based at the Wrexham HQ, though it is expected this will double to more than 50 by 2021. Employees will benefit from fully refurbished offices designed to promote agile working in a flexible and productive environment.

Risk, Compliance and Legal Director Neil Maguinness will be based in the new HQ, which will also provide a regular base for Chief Executive Giles Thorley as well as other senior staff including the newly appointed Finance Director, David Staziker and Investment Executives. Half of all board meetings will be held in Wrexham.

Giles Thorley, Chief Executive of the Development Bank, said: “I’m delighted that the Wrexham headquarters is now open for business.

“The Welsh Government’s Economic Action Plan includes a focus on strengthening Wales’ regional economies. Although we have improved our online accessibility, businesses still tell us that they value the face to face contact that comes from having teams on the ground.

“That’s why we’ve been scaling up our operations in north Wales over the year and continue to see ambition and appetite for investment from businesses in the region, supported by a vibrant business community.

Economy Secretary Ken Skates said: "It was nearly two years ago that I set out my ambition for the headquarters of the Development Bank of Wales to be located in North Wales so I am absolutely delighted to now be formally opening the new offices at the Technology Park in Wrexham.

“The new headquarters demonstrates my determination that the development bank truly will serve the whole of Wales. It will be an important partner, working closely with Business Wales,  in our work to strengthen Wales’ regional economies while delivering 50 additional high quality jobs in North Wales. It will also help ensure that  the bank  delivers best in class operational efficiency, while providing businesses in the region with the face to face human contact we know they value.”