The first chief executive of the Scottish National Investment Bank said she wants to create “an ethical and environmentally conscious” organisation.

Eilidh Mactaggart, from Glasgow, is described as an expert in mission-oriented investment and it is hoped her experience will underpin the bank’s primary mission to help support Scotland’s transition to net zero emissions through a range of debt and equity products.

The banking veteran has previously worked for MetLife Investment Management, Commonwealth Bank of Australia and ABN Amro Bank NV.

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She 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.

“I look forward to building the team that will help us achieve the missions set by the Scottish Government and establish the bank as a perpetual financial institution providing long term support to the Scottish economy.”

Through long-term strategic investment the development bank, which will operate and invest independently of government, will seek to provide finance to power innovation. The annual base salary for the chief executive has been set at £235,000.

Willie Watt, SNIB chair, said: “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 ...”

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