Scottish National Investment Bank Appoints Inaugural CEO
(17 April 2020 – UK) Eilidh Mactaggart, former boss of MetLife investment management, has become the first CEO of the Scottish National Investment Bank (SNIB) – a state owned investment banking corporation.
Scottish parliament passed legislation in January 2020 that permitted the bank to operate and invest independently of the Scottish government. Now with this approval the bank is now set to be in full operation by the end of Q4 2020.
The bank’s primary objective is to promote large-scale sustainable investing, which will assist in the government’s mission in becoming a net-zero carbon emitting economy. The bank will initially make long term investments in Scottish firms over the course of 10 -15 years, before venturing out into the wider European markets.
The Scottish government has pledged to provide the bank with £2 billion in funding over the next decade.
“The new bank is an opportunity to create an ethical and environmentally conscious bank, that will seek to benefit everyone across Scotland” stated SNIB CEO Eilidh Mactaggart.
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