John Kingston, founder and director of the social lender Venturesome, has been named chair of the interim investment committee of the Big Society Bank.
The committee will make initial investments in other social lenders, using money from dormant bank accounts, while the bank is being set up.
The bank will not be able to start operating until it receives approvals from the Financial Services Authority and the European Commission. In the meantime, it will operate through an interim agreement with the Big Lottery Fund.
The other members of the investment committee will be Sir Ronald Cohen and Nick O’Donohoe, who drew up the blueprint for the bank, Dawn Austwick, chief executive of the Esmée Fairbairn Foundation, Anna Southall, interim chair of the Big Lottery Fund, and another as yet unnamed BLF representative.
John Low, chief executive of the Charities Aid Foundation, Venturesome’s parent organisation, said: "John’s experience and understanding means the interim investment committee will be able to act quickly and with confidence to provide immediate and meaningful support to social investment organisations and their beneficiaries."
Kingston was unavailable for comment.