Scottish National Investment Bank
Type | State-owned investment and development bank (Statutory corporation) |
---|---|
Industry | Financial services |
Founded | November 2020 |
Headquarters | Edinburgh, Scotland |
Key people | Eilidh MacTaggart, Chief Executive Willie Watt, Chairman |
Owner | Scottish Government |
Website | www |
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[]
- ^ "SCOTTISH NATIONAL INVESTMENT BANK PLC - Overview (free company information from Companies House)". find-and-update.company-information.service.gov.uk.
- ^ Jump up to: a b "Scotland's national investment bank launches". BBC News. 23 November 2020. Retrieved 23 November 2020.
- ^ "Scottish national investment bank legislation published". BBC News. 28 February 2019. Retrieved 11 September 2019.
- ^ "Scottish National Investment Bank Stage 1 Report". Scottish Parliament Reports.
- ^ Donnelly, Brian (28 November 2018). "Scottish National Investment Bank chief pledges pay caps and no bail-outs". The Herald. Retrieved 11 September 2019.
- ^ "Cabinet Secretary for Economy, Fair Work and Culture". Scottish Government. Retrieved 23 November 2020.
- ^ "Scottish national investment bank plans unveiled". The Herald. 20 October 2017. Retrieved 11 September 2019.
- ^ Brooks, Libby (28 February 2019). "Scottish government to launch national investment bank". The Guardian. Retrieved 11 September 2019.
- ^ "What we do". Scottish National Investment Bank. Retrieved 23 November 2020.
- ^ "Our Missions". Scottish National Investment Bank. Retrieved 23 November 2020.
- ^ "MSPs pass Scottish National Investment Bank legislation". BBC News. 21 January 2020. Retrieved 9 April 2021 – via www.bbc.co.uk.
- ^ 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.
- ^ "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.
- ^ "Space tech firm R3-IoT to go global after funding deal". Daily Business. 27 July 2021. Retrieved 13 August 2021.
- ^ Walker, Peter A. (29 July 2021). "Scottish National Investment Bank backs Forev with £2 million". businessInsider. Retrieved 13 August 2021.
- ^ "Hemp-based insulation firm secures Scottish National Investment Bank funding". www.businessgreen.com. 12 August 2021. Retrieved 13 August 2021.
- ^ "Scottish National Investment Bank backs forestry fund". Daily Business. 19 August 2021. Retrieved 19 August 2021.
- 2020 establishments in Scotland
- Banks of Scotland
- Public corporations of the Scottish Government
- European investment banks