Giles Thorley, the former chief executive of Punch Taverns, has been named chief executive of the Development Bank of Wales.

Thorley stepped down as an operating partner of private equity firm TDR Capital, which backs Stonegate Pub Company, last year. He was also previously chairman of Tragus Group.

The Development Bank of Wales helps Welsh businesses get the finance they need “to start-up, strengthen and grow”. It provides small business loans, large business loans and equity.

Thorley was chief executive at Punch for eight years and stood as chairman of Tragus for nearly six years.

He joined TDR at the end of 2010.