The Courier & Advertiser (Fife Edition)
Investment bank opens for business
The Scottish National Investment Bank has o f f ic ia l ly opened for business with the completion of its first major investment.
It is the U K ’s first mission-led development bank and it is being capitalised by the Scottish Gov e rnm en t w i th £2 billion over 10 years.
The bank’s proposed missions will focus on supporting Scotland ’s transition to net zero, extending equality of opportunity through improving places, and harnessing innovation to enable Scotland to flourish.
The £12 .5 mi l lion investment in Glasgowbased laser and quantum technology company M Squared Lasers will support the company’s growth and speaks to the bank ’s proposed core missions.
First Minister Nicola Sturgeon said: “The Sco t t i sh Na t iona l Investment Bank will help to tackle some of the biggest challenges we face now and in the years to come, delivering economic, social and returns.
“It is hitting the ground running with its first major investment in M Squared Lasers – a great example of the amb it ious and innovative companies we have here in Scotland that will be key to our economic recovery and future prosperity.
“The launch of the bank is one of the most significant developments in the lifetime of this Pa r l i a m e n t , with the potential for it to transform, grow and decarbonise Scotland’s economy.”
The bank will provide patient capital – a form of long-term investment – for businesses and projects in Scotland, and catalyse further private sector investment.
Sco tt ish Nat iona l Investment Bank chairman Willie Watt said: “Today is a key milestone for the Sco t t i sh Na t iona l Investment Bank.
“Our launch enables us to make mission-led, s t ra teg ic , pa t ien t investments in businesses environmental and projec ts that deliver benefits for people of Scotland.
“I am excited about the role the bank will play in supporting and enabling growth in the Scottish economy.”
Dr Graeme Malcolm, chief executive and founder of M Squared, said the company was delighted to be the recipient of the bank’s first investment.
He added: “Science and advanced technologies have a major role to play in Scotland’s future economic prosperity.”
Earlier this month, state aid approval for the establishment of the bank was received from the European Commission.
Benny Higgins, strategic adviser to the first minister on the establishment of the bank, said: “It has been an outstanding effort to make this a reality.
“We could not h av e predicted that the current pandemic renders the need for mission-led investment even more vital to create a robust, resilient, wellbeing economy in Scotland.” can the