THE Scottish National Investment Bank (SNIB) has appointed its first chief executive.

Eilidh Mactaggart will lead the bank, which is being set up to allow firms to borrow money over a longer period of time and to help finance environmental and ethical projects.

Its creation was unanimously approved by the Scottish Parliament in January, with the Scottish Government committing £2 billion in funding to capitalise it.

Mactaggart, 46, is taking up the role following spells as managing director for MetLife Investment Management and as a director of the Commonwealth Bank of Australia.

The Glasgow-born banker said: “The establishment of the Scottish National Investment Bank will provide long-term patient capital support for ambitious companies, the third sector and infrastructure projects, underpinned by the transition to net-zero carbon emissions.

“This is an opportunity to create an ethical and environmentally conscious bank that will seek to benefit everyone across Scotland.”

Chairman of the bank Willie Watt added: “Eilidh’s excellent track record building and leading successful investment teams will help us achieve that goal.”

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