A former executive at Standard Chartered will on Thursday be named the new chief executive of the government’s under-fire British Business Bank (BBB).

Sky News has learnt that Louis Taylor will be appointed as the permanent successor to Keith Morgan, who resigned in 2020.

Mr Taylor is the current chief executive of UK Export Finance, the government’s export credit agency.

His appointment comes after a tumultuous period for the BBB, whose interim boss, Catherine Lewis La Torre, withdrew from the search process amid controversy over its handling of the government’s COVID lending schemes.

Lord Agnew resigned as a minister earlier this year, citing the failure to tackle rampant fraud that is expected to crystallise billions of pounds of losses for British taxpayers.

He expressed concerns that banks were not doing enough to address the issue and asked whether the BBB was holding them to account in order to protect public money.

The BBB was closely involved in the design of the Treasury’s various emergency loan schemes during the pandemic.

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Last year, Ms Lewis La Torre earned a total package worth £295,400.

It was unclear how much Mr Taylor would be paid.

A spokeswoman for the BBB declined to comment ahead of an official announcement.

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