Scottish National Investment Bank

From Wikipedia, the free encyclopedia

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

The Scottish National Investment Bank is a Scottish state-owned investment and national development bank based in Edinburgh.[1] It is intended to deliver infrastructure development and strategic investments.[2]

The bank is a public corporation,[3][4] with the only shareholder being the Scottish Government.[5] It reports to the Cabinet Secretary for Finance and the Economy.[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] The Scottish National Investment Bank Act 2020 was passed by Parliament on 21 January 2020. The Act legally obliged Scottish Ministers to establish a National Investment Bank for Scotland as both a public body and a publicly limited company. The bank was formally launched in November 2020.

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 carbon emissions by 2045[11]
  • 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]

Portfolio[]

Date Company Sector Value (GBP) References
23 November 2020 M Squared Lasers Quantum Technology 12,500,000 [12]
24 February 2021 PfP Capital Mid-market Rental Housing 40,000,000 [13]
27 July 2021 R3 IoT IoT Satellite Connectivity 1,000,000 [14]
29 July 2021 Forev EV Charging Infrastructure 2,000,000 [15]
11 August 2021 IndiNature Natural Fibre Insulation 3,000,000 [16]
17 August 2021 Gresham House Forestry Fund Woodland Creation 50,000,000 [17]

References[]

  1. ^ "SCOTTISH NATIONAL INVESTMENT BANK PLC - Overview (free company information from Companies House)". find-and-update.company-information.service.gov.uk.
  2. ^ Jump up to: a b "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. ^ "Scottish National Investment Bank Stage 1 Report". Scottish Parliament Reports.
  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. ^ "MSPs pass Scottish National Investment Bank legislation". BBC News. 21 January 2020. Retrieved 9 April 2021 – via www.bbc.co.uk.
  12. ^ 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.
  13. ^ "Investment Case Study | The Scottish National Investment Bank | Scottish National Investment Bank invests in PfP Capital's Mid Market Rent Fund". Scottish National Investment Bank. Retrieved 6 March 2021.
  14. ^ "Space tech firm R3-IoT to go global after funding deal". Daily Business. 27 July 2021. Retrieved 13 August 2021.
  15. ^ Walker, Peter A. (29 July 2021). "Scottish National Investment Bank backs Forev with £2 million". businessInsider. Retrieved 13 August 2021.
  16. ^ "Hemp-based insulation firm secures Scottish National Investment Bank funding". www.businessgreen.com. 12 August 2021. Retrieved 13 August 2021.
  17. ^ "Scottish National Investment Bank backs forestry fund". Daily Business. 19 August 2021. Retrieved 19 August 2021.
Retrieved from ""