New Bank Announces First CEO

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Eilidh Mactaggart has been appointed the first CEO of the Scottish National Investment Bank.

With over 20 years of global experience in banking and investment management, she will lead the Bank’s mission-based approach to investing in Scotland’s 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 and accelerate the move to a low carbon, high-tech, globally competitive economy.

Mactaggart, who has previously worked for MetLife Investment Management, Commonwealth Bank of Australia and ABN Amro Bank N.V., has led largescale investments in social infrastructure (schools, universities, hospitals, social housing), transport infrastructure (ports, roads, airports), regulated utilities and renewable energy.

Eilidh Mactaggart, CEO of the Scottish National Investment Bank. Image Supplied

Eilidh was most recently Managing Director, MetLife Investment Management in London and Head of European Infrastructure and Project Finance, establishing this team and growing it to be one of the leading investors in infrastructure in Europe.

Scottish National Investment Bank Chair 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.

“Eilidh’s excellent track record building and leading successful investment teams will help us achieve that goal. We have a unique opportunity to create a trusted and credible financial institution, and I look forward to working with Eilidh.”

Mactaggart, originally from Glasgow, is an expert in mission-oriented investment and her experience will underpin the Scottish National Investment Bank’s primary mission, to support Scotland’s transition to net zero emissions through a range of debt and equity products.

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.”

Mactaggart was appointed after a thorough selection process supported by search consultants Odgers Berndtson. The process was overseen by an expert panel that included: Scottish National Investment Bank Chair, Willie Watt; Liz Ditchburn, Director General for Economy at the Scottish Government; Benny Higgins, Strategic Adviser to the First Minister; and, Lesley Knox, former chair of V&A Dundee and Alliance Trust and a non-executive director of Legal & General Group.

Fiona Hyslop MSP, Cabinet Secretary for Economy, Fair Work and Culture, said: “The appointment of Eilidh Mactaggart as CEO is a major step towards the establishment of the Scottish National Investment Bank. Eilidh’s experience and passion for mission-led investing will be invaluable to our work to establish the Bank by the end of 2020, and in ensuring that the Bank can deliver patient investment in Scotland’s businesses and communities to support their growth for decades to come.”