Scottish National Investment Bank

Last updated

Scottish National Investment Bank plc
Company type State-owned investment and development bank
(Statutory corporation)
Industry Financial services
FoundedNovember 2020
Headquarters Edinburgh, Scotland
Key people
Al Denholm, Chief Executive
Willie Watt, Chairman
Owner Scottish Government
Website www.thebank.scot

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]

Contents

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 as a publicly limited company.

The bank was formally launched in November 2020.

In February 2022 Eilidh MacTaggart left the bank as Chief Executive. First Minister Nicola Sturgeon was questioned about the departure in the Scottish Parliament. [9] 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. [10] Ms MacTaggart subsequently insisted she left the bank for personal reasons, [11] and received £117,500 having to work her notice period under the terms of her contract. [12] In April 2023, Al Denholm was appointed Chief Executive. [13]

As of October 2023, the bank had committed £463.2 million in investments. [14]

Activities

The bank seeks to invest in businesses, projects and communities across Scotland, with its investment targeted to support three main aims: [15] [16]

The bank has an initial budget of £2 billion for the first 10 years of its existence (2020–2030). [2]

Portfolio

DateCompanySectorValue (GBP)References
23 November 2020M Squared Lasers Quantum technology 12,500,000 [18]
24 February 2021PfP CapitalMid-market rental housing40,000,000 [19]
27 July 2021R3 IoT IoT satellite connectivity1,000,000 [20]
29 July 2021Forev EV charging infrastructure2,000,000 [21]
11 August 2021IndiNature Natural fibre insulation 3,000,000 [22]
17 August 2021Gresham House Forestry Fund Woodland creation 50,000,000 [23]
7 September 2021 Nova Innovation Net zero 6,400,000 [24]
22 September 2021SunampNet zero6,000,000 [25]
15 November 2021Iona Wind PartnershipNet zero13,000,000 [26]
03 December 2021Strathcarron HomesHousing3,000,000 [27]
07 January 2022Lothian Broadband GroupRural broadband20,000,000 [28]
18 January 2022Highland Coast HotelsTourism4,450,000 [29]
28 January 2022Port of AberdeenMarine infrastructure30,000,000 [30]
31 March 2022TravelnestTourism3,000,000 [31]
9 May 2022Circularity Scotland Deposit-return scheme 9,000,000 [32]
9 May 2022Elasmogen Pharmaceutical industry 3,500,000 [33]
4 July 2022 Orbital Marine Power Renewable energy4,000,000 [34]
13 July 2022pureLiFiTelecommunications10,000,000 [35]
18 July 2022Wavegarden ScotlandSurf technology26,000,000 [36]
5 September 2022Trojan EnergyEV charging infrastructure9,000,000 [37]
October 2022OrbexBio-fuel satellite launch17,800,000 [38]
November 2022Social and SustainableSocial housing15,000,000 [39]
December 2022North Start RenewablesRenewable energy operations50,000,000 [40]
January 2023PneumoWaveBiosensor technology5,200,000 [41]
March 2023UtopiData analytics platform5,000,000 [42]
April 2023ForritCloud-based content5,000,000 [43]
April 2023VerlumeRenewable energy6,600,000 [44]
October 2023CyacombInnovative technology2,600,000 [45]
October 2023Par EquityInnovative technology20,000,000 [46]

See also

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References

  1. ↑ "SCOTTISH NATIONAL INVESTMENT BANK PLC - Overview (free company information from Companies House)". find-and-update.company-information.service.gov.uk.
  2. 1 2 "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. ↑ "Sturgeon tight-lipped on Eilidh MacTaggart Exit". The National . 3 March 2022.
  10. ↑ cite web|url=https://www.bbc.co.uk/news/uk-scotland-scotland-politics-60601477%7Cwork= BBC
  11. ↑ "Investment bank boss insists she quit for personal reasons". BBC . 4 March 2022.
  12. ↑ "Scottish National Investment Bank boss paid £117,500 after quitting". BBC . 20 April 2022.
  13. ↑ "Al Denholm appointed CEO of Scottish National Investment Bank". Scottish Financial News. 27 April 2023. Retrieved 8 January 2024.
  14. ↑ "Our investment portfolio supports businesses, projects and communities that align with our missions | Scottish National Investment Bank". www.thebank.scot. Retrieved 8 January 2024.
  15. ↑ "What we do". Scottish National Investment Bank. Retrieved 23 November 2020.
  16. ↑ "Our Missions". Scottish National Investment Bank. Retrieved 23 November 2020.
  17. ↑ "MSPs pass Scottish National Investment Bank legislation". BBC News. 21 January 2020. Retrieved 9 April 2021.
  18. ↑ 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.
  19. ↑ "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.
  20. ↑ "Space tech firm R3-IoT to go global after funding deal". Daily Business. 27 July 2021. Retrieved 13 August 2021.
  21. ↑ Walker, Peter A. (29 July 2021). "Scottish National Investment Bank backs Forev with £2 million". businessInsider. Retrieved 13 August 2021.
  22. ↑ "Hemp-based insulation firm secures Scottish National Investment Bank funding". www.businessgreen.com. 12 August 2021. Retrieved 13 August 2021.
  23. ↑ "Scottish National Investment Bank backs forestry fund". Daily Business. 19 August 2021. Retrieved 19 August 2021.
  24. ↑ "Nova secures SNIB funds for tidal turbines". Daily Business. 8 September 2021. Retrieved 27 November 2021.
  25. ↑ Cameron, Greig. "Sunamp batteries get £6m backing". The Times . ISSN   0140-0460 . Retrieved 27 November 2021.
  26. ↑ McSherry, Mark. "Iona wind partnership gets SNIB investment – Scottish Financial Review" . Retrieved 27 November 2021.
  27. ↑ "Scottish National Investment Bank steps in to fund new Glasgow homes – Scottish Construction Now". 3 December 2021. Retrieved 20 April 2022.
  28. ↑ "Independent broadband firm secures £20m funding to reach 70,000 customers – Future Scot". 6 January 2022. Retrieved 20 April 2022.
  29. ↑ "Highland Coast Hotels secures £4.45 million investment from the Scottish National Investment Bank – The Northern Times". 19 January 2022. Retrieved 20 April 2022.
  30. ↑ "Aberdeen Harbour receives £30 million in funding – Scottish Business Insider". 28 January 2022. Retrieved 20 April 2022.
  31. ↑ Walker, Peter A. (6 May 2022). "Scottish National Investment Bank gives £3 million to travel tech firm". businessInsider. Retrieved 26 September 2022.
  32. ↑ "SNIB invests £9m to help boost recycling of single-use drinks containers". Scottish Financial News. 12 May 2022. Retrieved 26 September 2022.
  33. ↑ "Aberdeen-based life sciences pioneer Elasmogen secures seven-figure boost from organisations including the SNIB". www.scotsman.com. 18 May 2022. Retrieved 26 September 2022.
  34. ↑ "Renewable energy company Orbital funded by Scottish National Investment Bank". Scottish Financial News. 4 July 2022. Retrieved 26 September 2022.
  35. ↑ Cameron, Greig. "Purelifi gets £10m tech backing". The Times . ISSN   0140-0460 . Retrieved 26 September 2022.
  36. ↑ "Delayed Wavegarden gets £26m SNIB backing". Daily Business. 18 July 2022. Retrieved 26 September 2022.
  37. ↑ "Scottish National Investment Bank fuels electric vehicle charging firm with £9m deal". uk.news.yahoo.com. 6 September 2022. Retrieved 26 September 2022.
  38. ↑ "Orbex | Scottish National Investment Bank". www.thebank.scot. 18 October 2022. Retrieved 8 January 2024.
  39. ↑ "Social and Sustainable | Scottish National Investment Bank". www.thebank.scot. 1 November 2022. Retrieved 8 January 2024.
  40. ↑ "North Star Renewables | Scottish National Investment Bank". www.thebank.scot. 6 December 2022. Retrieved 8 January 2024.
  41. ↑ "PneumoWave | Scottish National Investment Bank". www.thebank.scot. 12 January 2023. Retrieved 8 January 2024.
  42. ↑ "Utopi | Scottish National Investment Bank". www.thebank.scot. 30 March 2023. Retrieved 8 January 2024.
  43. ↑ "Forrit | Scottish National Investment Bank". www.thebank.scot. 13 April 2023. Retrieved 8 January 2024.
  44. ↑ "Verlume | Scottish National Investment Bank". www.thebank.scot. 24 April 2023. Retrieved 8 January 2024.
  45. ↑ "Cyacomb | Scottish National Investment Bank". www.thebank.scot. 12 October 2023. Retrieved 8 January 2024.
  46. ↑ "Par Equity | Scottish National Investment Bank". www.thebank.scot. 16 October 2023. Retrieved 8 January 2024.
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