Development Bank of Wales Chair awarded OBE in the King’s Birthday Honours


Gareth Bullock has been awarded an OBE for services to the Welsh financial economy in the King’s Birthday 2023 Honours List which recognises the achievements and service of people across the UK, from all walks of life. 

Mr Bullock has more than 45 years’ experience in financial services, held numerous board positions, including Informa PLC, Tesco PLC, Tesco Personal Financial Group Ltd, Spirax-Sarco Engineering PLC, Fleming Family & Partners Ltd, British Bankers’ Association and Global Market Group Ltd (China). He was also a Trustee of the British Council from 2012 to 2018. 

Appointed to his role as Chair in 2015, when the organisation was operating as Finance Wales, Gareth oversaw a successful transition to become the Development Bank of Wales in 2017. Since his appointment, the organisation has grown from an annual investment rate of £45 million to a record £124 million announced by the Bank earlier this month. At the end of its first five-year corporate plan, the organisation had a total economic impact in excess of £1 billion. 

He retired in 2010 from the Board of Standard Chartered plc where he was responsible for Africa, Middle East, Europe and the Americas as well as chairing Risk and Special Assets Management. 

Mr Bullock said: “I am pleased to have been awarded the Order of the British Empire for services to the Welsh financial economy. 

“While it is certainly a great personal honour, I absolutely recognise that the award is in large part due to the success of the Development Bank. Of course, that success is entirely founded upon the hard work, creativity and dedication of our team. 

“It is gratifying to be recognised for a role I enjoy so much. Being at the heart of innovation in the way we deliver finance that works for the people, businesses and communities of Wales has been a privilege.” 

Chief Executive of the Development Bank of Wales, Giles Thorley, said: “We are all delighted that Gareth has been recognised for his hard work and dedication. His leadership and passion for working in partnership with stakeholders, particularly the Welsh Government, have been critical in shaping the organisation over the past eight years. 

“I would like to take this opportunity to thank him for his commitment to our organisation and congratulate him on behalf of the Development Bank team."