EMEA: Spence quits Lloyds after two years

09 March 2018 - 12:00 am UTC

Former Infrastructure UK head Geoffrey Spence has left Lloyds Banking Group after two years as Global Head of Infrastructure, Resources & Energy.

A Lloyds spokesperson confirmed Spence stepped down last month and will not be replaced. The spokesperson added that Spence’s role will be divided among his former team with the infrastructure duties going to managing director infrastructure and construction Guillaume Fleuti and the energy side of his portfolio going to energy & utilities Jonas Persson, Managing Director, .

Spence joined Lloyds in 2016 after four and a half years as Chief Executive of Infrastructure UK. Infrastructure UK was a part of the UK Treasury responsible for co-ordinating infrastructure investment. Following Spence’s departure the body was merged into the Infrastructure Projects Authority. Spence was previously a special adviser to the UK finance minister Alistair Darling. 

He has also worked in infrastructure and project finance at HSBC and Deutsche Bank. 

During Spence’s time at Lloyds it was involved in several infrastructure financings including the creation of a new cargo terminal at the Port of Dover in England, schools PPPs, wind farms and wood pellet power plants.

Speaking at the 12th annual Infrastructure Investors Forum Europe earlier this year, Spence noted that the UK government has been using less private capital for public finance initiative projects than previously. He said private financiers needed to do more to win the argument about the benefits of its use in developing public infrastructure.

Spence was last month appointed to the advisory board of The Association for Consultancy and Engineering, a  business association for consultancies and engineering companies operating in the infrastructure sector.

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