A bi-directional converter for converting voltage bi-directionally between a high voltage bus and a low voltage bus, having a switching converter connected across the high voltage bus, the switching converter having first and second switching modules connected in series across the high voltage bus, a switched node disposed between the switching modules being coupled to an inductor, the first and second switching modules being controllable so that the switching converter can be operated as a buck converter or a boost converter depending upon the direction of conversion from the high voltage bus to the low voltage bus or vice versa; the mid-voltage bus being coupled to a first full bridge switching circuit having two pairs of series connected switches with switched nodes between each of the pairs of switches being connected across a first winding of a transformer having a preset turns ratio.