Scottish National Investment Bank

The Scottish National Investment Bank is a state-owned financial institution based in Edinburgh, Scotland.[1] It is intended to deliver infrastructure development and strategic investments. The bank was formally launched in November 2020.[2]

Scottish National Investment Bank plc
TypeState-owned development bank
Statutory corporation
IndustryFinancial services
FoundedNovember 2020
FounderScottish Government
HeadquartersEdinburgh, Scotland, UK
Key people
Eilidh MacTaggart, Chief Executive
Willie Watt, Chairman
OwnerScottish Government
Websitewww.thebank.scot

The bank is a public corporation,[3][4] with the only shareholder being the Scottish Government.[5] It reports to the Cabinet Secretary for Economy, Fair Work and Culture.[6]

History

The bank was announced in September 2017 in the First Minister Nicola Sturgeon's 2017 Programme for Government. Benny Higgins was appointed as a strategic adviser, to oversee the organisation launching.[7] In February 2018 an implementation plan was launched.[8]

Activities

The bank seeks to invest in businesses, projects and communities across Scotland, with its investment targeted to support three main aims:[9][10]

  • Supporting Scotland’s transition to net-zero by 2045
  • Building communities and promoting equality by 2040
  • Harnessing innovation to enable our people to flourish by 2040

The bank has an initial budget of £2 billion for the first 10 years of its existence (2020–2030).[2]

Investments
Date Company Business Value (GBP) References
23 November 2020 M Squared Lasers quantum technology 12,500,000 [11]

References
  1. https://find-and-update.company-information.service.gov.uk/company/SC677431
  2. "Scotland's national investment bank launches". BBC News. 23 November 2020. Retrieved 23 November 2020.
  3. "Scottish national investment bank legislation published". BBC News. 28 February 2019. Retrieved 11 September 2019.
  4. https://digitalpublications.parliament.scot/Committees/Report/EEFW/2019/7/4/Scottish-National-Investment-Bank-Stage-1-Report
  5. Donnelly, Brian (28 November 2018). "Scottish National Investment Bank chief pledges pay caps and no bail-outs". The Herald. Retrieved 11 September 2019.
  6. "Cabinet Secretary for Economy, Fair Work and Culture". Scottish Government. Retrieved 23 November 2020.
  7. "Scottish national investment bank plans unveiled". The Herald. 20 October 2017. Retrieved 11 September 2019.
  8. Brooks, Libby (28 February 2019). "Scottish government to launch national investment bank". The Guardian. Retrieved 11 September 2019.
  9. "What we do". Scottish National Investment Bank. Retrieved 23 November 2020.
  10. "Our Missions". Scottish National Investment Bank. Retrieved 23 November 2020.
  11. Wright, Scott (23 November 2020). "New Scottish bank opens doors with £12.5m investment in pioneering Glasgow laser firm". The Herald. Retrieved 12 January 2021.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.