Leading UK finance specialists Annie Ropar and Paul Oldham have joined the Board of the Development Bank of Wales as Non-Executive Directors.
Annie is Executive Director and Chief Financial Officer of the National Wealth Fund. She was previously one of the first employees of the Canada Infrastructure Bank (CIB), joining as its inaugural Chief Financial Officer and Chief Administrative Officer. Annie also spent five years with Aequitas NEO Exchange Inc. (now CBOE Canada), and nine years with Royal Bank of Canada’s Capital Markets arm, where her career spanned finance, private equity and the institutional equity trading business.
Paul Oldham is a Portfolio Director and Investment Committee member of equity investment company BGF. He joined BGF in May 2011 and established and managed the company’s offices in Bristol, Cardiff and Reading. He previously worked as a private equity investor for 16 years with 3i and LDC. Having qualified as a Chartered Accountant with KPMG, Paul’s career has also included a period of six years as a Partner with Grant Thornton during which time he led the firm’s South West and South Wales corporate finance advisory team.
Honorary Group Captain Sally Bridgeland is Chair of the Development Bank. She said: “I’m delighted to welcome Annie and Paul as Board members at this exciting time for the Development Bank of Wales. With over £2 billion in funds under management and a portfolio of more than 3,600 businesses, our influence is growing and reaching deeper into communities across Wales.
“The Development Bank has become a vital link between institutional investors and local enterprises—bridging the gap and unlocking opportunities for partnership between the public and private sectors. I firmly believe collaboration is the cornerstone of sustainable growth, and with these new appointments, we are further strengthening our position as a trusted partner to Welsh businesses, investors and communities.”
Paul Oldham said: “The Development Bank is widely respected as the leading provider of sustainable and effective finance for Welsh businesses. The business model ensures Welsh taxpayer funds are treated responsibly without compromising ambition while the early-stage support for high-potential ventures is preparing companies like Development Bank-backed Coincover and Space Forge to compete on the global stage.
“I’m looking forward to what I am sure will be a deeply rewarding opportunity to help shape the future of SMEs across Wales by guiding funding decisions that enable startups, scale-ups, and communities to thrive.”
Annie Ropar added: “The Development Bank of Wales is a catalyst for local innovation, job creation, and economic balance. With a focus on sustainable economic growth, we have the potential to transform regions by unlocking talent, building ecosystems, and levelling up opportunity where it’s needed most. I saw the difference that this approach made in Canada during my time with the Canada Infrastructure Bank and it is now also at the heart of the work that we’re doing at the National Wealth Fund. I’m excited about bringing this experience to Wales and doing what I can to encourage collaboration and maximise the impact of private investment alongside public finance for the people of Wales.”
As a public finance institution owned by the Welsh Government, the Development Bank of Wales provides loans and equity for Welsh businesses, people and communities in support of the Government’s wider policy objectives including the transition to a low-carbon economy and the development of new homes and commercial property. £959 million has been invested in SME businesses and property developers by the Development Bank since its launch in 2017.
The Development Bank now has £2 billion in funds under management and a portfolio of more than 3,600 small business customers. Debt and equity funding totalling £152 million helped 502 businesses to create and safeguard 6,185 jobs across Wales during 2024/25.
