TWO of the UK’s leading finance professionals have been appointed as Non-Executive Directors of the Development Bank of Wales.

Annie Ropar, Chief Financial Officer of the UK’s National Wealth Fund, and Paul Oldham, a senior figure at equity investment firm BGF, will now help guide the bank’s future strategy.

The announcement comes as the Development Bank continues to expand its reach, with more than £2 billion in funds under management and over 3,600 Welsh businesses in its investment portfolio.

Broad experience in public and private sectors

Annie Ropar was among the founding staff of the Canada Infrastructure Bank, where she served as its first CFO and Chief Administrative Officer. Her earlier roles included senior finance positions at Aequitas NEO Exchange Inc. (now CBOE Canada), and a nine-year stint in capital markets at RBC, covering corporate finance, private equity, and institutional equity trading.

Paul Oldham, who joined BGF in 2011, helped establish and lead the company’s offices in Bristol, Cardiff and Reading. His career spans 16 years in private equity with 3i and LDC, and six years as a Partner at Grant Thornton, where he led the corporate finance advisory team in the South West and South Wales. He qualified as a Chartered Accountant with KPMG.

Chair welcomes new appointments

The bank’s Chair, the Hon. Group Captain Sally Bridgeland, said: “I’m delighted to welcome Annie and Paul to the Board at such an exciting time for the Development Bank of Wales. With a growing influence across Welsh communities and a portfolio now exceeding £2 billion, our role has never been more important.

“We are a vital bridge between institutional investors and local enterprises, unlocking opportunities and driving public-private partnerships. Collaboration is at the heart of sustainable growth, and these appointments further strengthen our position as a trusted partner for businesses, investors, and communities.”

Supporting ambitious Welsh firms

Paul Oldham praised the bank’s reputation for delivering sustainable funding:
“The Development Bank is widely respected as the leading provider of effective finance for Welsh businesses. It uses taxpayer money responsibly, while enabling early-stage support for high-potential firms like Coincover and Space Forge to thrive globally.

“I look forward to helping shape funding decisions that support start-ups, expanding businesses and the communities they serve.”

Annie Ropar added: “The bank is a catalyst for local innovation, job creation, and regional economic balance. I saw the impact of this approach in Canada, and it’s now core to what we do at the UK’s National Wealth Fund.

“I’m excited to bring that experience to Wales and help increase the impact of private investment alongside public funding for the benefit of people across the country.”

Delivering for Wales

Owned by the Welsh Government, the Development Bank provides loans and equity to Welsh businesses, people, and communities. Since its creation in 2017, it has invested £959 million in SMEs and property developers, supporting wider government goals such as transitioning to a low-carbon economy and building new homes and commercial spaces.

In the 2024/25 financial year, £152 million in debt and equity was invested in 502 businesses, helping to create and safeguard 6,185 jobs across Wales.