The bank’s new HQ will be supported by regional offices in Cardiff and Llanelli to enable it to serve businesses across the country.

The Wrexham office will house 23 of the bank’s 172 staff, although this is expected to double to more than 50 by 2021.

Neil Maguinness, risk, compliance and legal director at the Development Bank of Wales, will be based at the new HQ, which will also provide a regular base for Giles Thorley, chief executive at the bank (pictured above, left), as well as other senior staff, including the newly appointed finance director, David Staziker.

“The Welsh government’s economic action plan includes a focus on strengthening Wales’ regional economies,” said Giles.

“Although we have improved our online accessibility, businesses still tell us that they value the face-to-face contact that comes from having teams on the ground.

“That’s why we’ve been scaling up our operations in north Wales over the year and continue to see ambition and appetite for investment from businesses in the region, supported by a vibrant business community.”

Ken Skates, Welsh economy secretary (right), said he was delighted to be formally opening the new offices at the Technology Park in Wrexham.

“The new headquarters demonstrates my determination that the development bank truly will serve the whole of Wales. 

“It will be an important partner, working closely with Business Wales, in our work to strengthen Wales’ regional economies, while delivering 50 additional high-quality jobs in north Wales. 

“It will also help ensure that the bank delivers best-in-class operational efficiency, while providing businesses in the region with the face-to-face human contact we know they value.”