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Scottish National Investment Bank

The Scottish National Investment Bank is a Scottish state-owned investment and national development bank based in Edinburgh, Scotland.[1] Although referred to as a bank, it does not do normal banking operations nor accepts deposits. The bank uses public money to fund commercial projects across Scotland with the hope that this seed capital will encourage further private investment, to help develop a fairer, more sustainable economy. £2 billion of taxpayers money is earmarked for the bank.[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 bill was introduced by Cabinet Secretary for Finance, Derek Mackay MSP.[10] The Scottish National Investment Bank Act 2020 (asp 3) was passed by Parliament received royal assent in February 2020.[11] The act legally obliged Scottish Ministers to establish a National Investment Bank for Scotland as both a public body as a publicly limited company, independent of the Scottish Government.[12] The act states that "primary goal is to help Scotland transition to net-zero carbon emissions, while supporting small and medium-size enterprises."[13] The bank was formally launched in November 2020.[10][14]

In February 2022 Eilidh MacTaggart left the bank as Chief Executive. First Minister Nicola Sturgeon was questioned about the departure in the Scottish Parliament.[15] The departure coincided with the publication of the Scottish Government's National Strategy for Economic Transformation which would direct the focus of future investments made by the bank.[16] Ms MacTaggart subsequently insisted she left the bank for personal reasons,[17] and received £117,500 having to work her notice period under the terms of her contract.[18] In April 2023, Al Denholm was appointed Chief Executive.[19]

As of May 2025, the bank had committed £712.7 million in investments.[20]

Portfolio

See also

References

  1. SCOTTISH NATIONAL INVESTMENT BANK PLC - Overview (free company information from Companies House) find-and-update.company-information.service.gov.uk^
  2. Scotland's national investment bank launches BBC News, 23 November 2020, retrieved 2025-05-11^
  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. Brian Donnelly. Scottish National Investment Bank chief pledges pay caps and no bail-outs The Herald, 28 November 2018, retrieved 11 September 2019^
  6. Cabinet Secretary for Economy, Fair Work and Culture gov.scot, Scottish Government, retrieved 2025-05-11^
  7. Scottish national investment bank plans unveiled The Herald, 20 October 2017, retrieved 11 September 2019^
  8. Libby Brooks. Scottish government to launch national investment bank The Guardian, 28 February 2019, retrieved 11 September 2019^
  9. Fiona Hyslop. The Scottish National Investment Bank Act 2020 (Commencement) Regulations 2020 legislation.gov.uk, 2 September 2020^
  10. MSPs pass Scottish National Investment Bank legislation 2020-01-21, retrieved 2025-05-11^
  11. Nearing 'go' on the Scottish National Investment Bank (SNIB) SPICe Spotlight, Scottish Parliament, 2020-09-03, retrieved 2025-05-11^
  12. Scottish National Investment Bank Act Fully Enforced Morton Fraser MacRoberts, 2020-10-05, retrieved 2025-05-11^
  13. MSPs pass national investment bank legislation BBC News, 21 January 2020, retrieved 2020-03-01^
  14. Bank on investment to make a positive impact in Scotland The Herald, 2025-01-17, retrieved 2025-05-11^
  15. Sturgeon tight-lipped on Eilidh MacTaggart Exit The National, 3 March 2022^
  16. Secrecy row over why Scottish investment bank boss quit BBC News, 2022-03-03, retrieved 2025-05-11^
  17. Investment bank boss insists she quit for personal reasons BBC News, 4 March 2022, retrieved 2025-05-11^
  18. Scottish National Investment Bank boss paid £117,500 after quitting BBC, 20 April 2022, retrieved 2025-05-11^
  19. Al Denholm appointed CEO of Scottish National Investment Bank Scottish Financial News, 2023-04-27, retrieved 2024-01-08^
  20. Our investment portfolio supports businesses, projects and communities that align with our missions www.thebank.scot, Scottish National Investment Bank, retrieved 2024-01-08^
  21. Scott Wright. New Scottish bank opens doors with £12.5m investment in pioneering Glasgow laser firm The Herald, 23 November 2020, retrieved 12 January 2021^
  22. Investment Case Study: The Scottish National Investment Bank Scottish National Investment Bank, 2021-02-24, retrieved 2021-03-06^
  23. Space tech firm R3-IoT to go global after funding deal Daily Business, 2021-07-27, retrieved 2021-08-13^
  24. Peter A. Walker. Scottish National Investment Bank backs Forev with £2 million insider.co.uk, 2021-07-29, retrieved 2021-08-13^
  25. Tom Gockelen-Kozlowski. Hemp-based insulation firm secures Scottish National Investment Bank funding Business Green, Incisive Business Media, 2021-08-12, retrieved 2021-08-13^
  26. Scottish National Investment Bank backs forestry fund Daily Business, 2021-08-19, retrieved 2021-08-19^
  27. Terry Murden. Nova secures SNIB funds for tidal turbines Daily Business, 2021-09-08, retrieved 2025-05-11^
  28. Greig Cameron. Sunamp batteries get £6m backing The Times, 2021-09-23, retrieved 2021-11-27^
  29. Mark Williamson. Scottish bank backs windfarm venture managed by London firm The Herald, 2021-11-17, retrieved 2025-05-11^
  30. Scottish National Investment Bank steps in to fund new Glasgow homes Scottish Construction Now, 2021-12-06, retrieved 2025-05-11^
  31. SNIB commits £20m funding to Lothian Broadband Group to tackle digital inequality Scottish Financial News, 2022-01-06, retrieved 2025-05-11^
  32. Scottish National Investment Bank invests £4.45m into Highland Coast Hotels Scottish Financial News, 2022-01-19, retrieved 2025-05-11^
  33. SNIB commits £30m to expansion of Aberdeen Harbour Scottish Financial News, 2022-01-28, retrieved 2025-05-11^
  34. Peter A Walker. Scottish National Investment Bank gives £3 million to travel tech firm insider.co.uk, 2022-05-06, retrieved 2025-05-11^
  35. SNIB invests £9m to help boost recycling of single-use drinks containers Scottish Financial News, 2022-05-12, retrieved 2025-05-11^
  36. Emma Newlands. Aberdeen-based life sciences pioneer Elasmogen secures seven-figure boost from organisations including the SNIB The Scotsman, 2022-05-18, retrieved 2025-05-11^
  37. Renewable energy company Orbital funded by Scottish National Investment Bank Scottish Financial News, 2022-07-04, retrieved 2025-05-11^
  38. Greig Cameron. Purelifi gets £10m tech backing The Times, 2022-07-14, retrieved 2022-09-26^
  39. New country park development secures £26m funding Scottish Construction Now, 2022-07-18, retrieved 2025-05-11^
  40. Scott Wright. Scottish National Investment Bank fuels electric vehicle charging firm with £9m deal The Herald, 2022-09-06, retrieved 2025-05-11^
  41. Emma Newlands. Rocket-maker Orbex lands multi-million-pound boost from SNIB to fuel growth The Scotsman, 2022-10-18, retrieved 2025-05-11^
  42. Scottish National Investment Bank invests £15m to help tackle homelessness Scottish Housing News, 2022-11-01, retrieved 2025-05-11^
  43. North Star receives £140m investment to build renewables fleet Scottish Financial News, 2022-12-06, retrieved 2025-05-11^
  44. SNIB hails role in seven-figure bankrolling of healthtech firm PneumoWave - saying it could help tackle 'significant' public health issues The Scotsman, 2023-01-12, retrieved 2025-05-11^
  45. Glasgow real-estate analytics firm Utopi bags £5 million, targets global expansion and net zero future Scottish Financial News, 2023-05-30, retrieved 2025-05-11^
  46. Emma Newlands. Edinburgh IT firm Forrit set to create 15 jobs after seven-figure boost from Scottish National Investment Bank The Scotsman, 2023-04-13, retrieved 2025-05-11^
  47. Scottish National Investment Bank backs Verlume with £6.6m for offshore wind growth Scottish Financial News, 2023-04-24, retrieved 2025-05-11^
  48. SNIB £2.6m investment into cybersecurity will help tackle harmful online content Scottish Financial News, 2023-10-12, retrieved 2025-05-11^
  49. Ian McConnell. Scottish National Investment Bank funds Aberdeen energy firm Verlume The Herald, 2023-04-25, retrieved 2025-05-11^
  50. Scott Wright. State-backed Scottish bank invests in cancer specialist The Herald, 2024-01-08, retrieved 2025-05-12^
  51. Trojan Energy secures £26m investment to drive on-street EV charging expansion Scottish Financial News, 2024-01-16, retrieved 2025-05-11^
  52. SNIB's £20m investment to help create green workforce Scottish Financial News, 2024-01-17, retrieved 2025-05-11^
  53. Edinburgh biotech firm raises £5m for dental decay detection tech Scottish Finanical News, 2024-04-02, retrieved 2025-05-11^
  54. Bank commits £6 million to EnteroBiotix's £27 million funding round Scottish Financial News, 2024-04-04, retrieved 2025-05-12^
  55. EV charge point operator given further £10m boost from Scottish National Investment Bank Scottish Financial News, 2024-06-11, retrieved 2025-05-12^
  56. iGii secures £8.8 million to accelerate nanomaterial innovation Scottish Financial News, 2024-06-18, retrieved 2025-05-12^
  57. SNIB invests £10m in Highland Broadband network to tackle digital inequality Scottish Financial News, 2024-08-15, retrieved 2025-05-12^
  58. Scott Reid. £20m Scottish public funding injection for firm behind 'world first' plan to revolutionise green air travel Scottish Financial News, 2024-09-12, retrieved 2025-05-12^
  59. Scottish AI robotics firm secures £7.9m to scale robotics in manufacturing Scottish Financial News, 2024-09-24, retrieved 2025-05-12^
  60. Scottish National Investment Bank helps develop Shetland's first mid-market rent homes Scottish Financial News, 2024-11-28, retrieved 2025-05-11^
  61. Pulpex raises £62m for fibre bottle factory near Glasgow Scottish Financial News, 2025-02-19, retrieved 2025-05-12^
  62. Scotland attracts over £850m in energy transition investment Scottish Financial News, 2025-02-27, retrieved 2025-05-12^
  63. Scottish funds back Aberdeen specialist NCIMB with £1.7m boost Scottish Financial News, 2025-04-29, retrieved 2025-05-11^