New investment bank names first chief executive

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Eilidh MactaggartImage source, SNIB
Image caption,
Eilidh Mactaggart has led large-scale investments in infrastructure projects in Europe

The Scottish National Investment Bank (SNIB) has announced its first chief executive.

Eilidh Mactaggart is a former boss of MetLife Investment Management and has held senior roles at Commonwealth Bank of Australia and ABN Amro Bank.

MSPs passed legislation in January to set up SNIB, which is due to launch by the end of this year.

it will make long-term investments in Scottish firms, over a period of 10 to 15 years.

Its primary goal is to help Scotland transition to net-zero carbon emissions, while supporting small and medium-size enterprises.

The Scottish government has committed to putting £2bn of funding into the bank over the next decade.

It will operate and invest independently of government.

'Ethical bank'

Ms Mactaggart has led large-scale investments in social and transport infrastructure projects in Europe.

As managing director of MetLife Investment Management in London, she established a team that specialised in infrastructure and project finance.

Ms Mactaggart said the new bank was "an opportunity to create an ethical and environmentally conscious bank, that will seek to benefit everyone across Scotland".

SNIB chairman Willie Watt said: “We are building a development bank that will support and encourage a fairer and more inclusive economy in Scotland.

"As we emerge from the Covid-19 pandemic, we will be operating in a very different economic landscape.

"That is why we are pushing ahead with the creation of the bank so that we can play our role in supporting Scotland’s economic recovery in the medium and longer term."