Eilidh Mactaggart named first chief executive of Scottish National Investment Bank

Eilidh Mactaggart has been named as the first chief executive of the Scottish National Investment Bank (SNIB).

The bank, which was expected to be up and running by the end of the year, will be responsible for making long term investments aimed at transitioning to a low carbon economy and helping to boost the number of small and medium-sized enterprises in Scotland.

MSPs passed the Scottish National Investment Bank Bill in January, with ministers committing to a £2bn investment over 10 years to capitalise it.

Mactaggart is the former managing director of MetLife Investment Management and has held senior roles at Commonwealth Bank of Australia and ABN Amro Bank.

SNIB chairman Willie Watt said: “We are building a development bank that will support and encourage a fairer and more inclusive economy in Scotland.

"As we emerge from the Covid-19 pandemic, we will be operating in a very different economic landscape.

"That is why we are pushing ahead with the creation of the bank so that we can play our role in supporting Scotland’s economic recovery in the medium and longer term."