Vince Cable hunting chairman and non-exec for business bank

BUSINESS secretary Vince Cable has begun the hunt for a chairman and non-executive director for his new £4bn business bank.

The Department for Business, Innovation and Skills (BIS) announced plans in December to start the bank, which is aimed at helping finance SMEs.

Now Sir Peter Burt, the former chief executive of Bank of Scotland, has given advice to Cable on the bank’s establishment – including making the first two key hires.

Headhunter Odgers Berndtson has been appointed to help fill the chairmanship, for an initial three year term.

The post carries with it an annual salary of £120,000, for two days a week, while the non-exec role has a salary of £40,000 a year for up to four days a month work.