New senior adviser will help create Scottish National Investment Bank

Former Tesco Bank chief executive Benny Higgins has been appointed as a strategic adviser for the creation of the planned Scottish National Investment Bank.

Announcing the appointment First Minister Nicola Sturgeon said Mr Higgins would deliver a “mission-driven” investment bank .

The new bank is being set up to act as a catalyst to help grow Scotland’s economy.

Plans drawn up by Mr Higgins state it should be sup- ported by long-term capitalisation of at least £2 billion over the first ten years, with the First Minister having earmarked £500 million over the next three years as a “substantial down-payment” for this.

Mr Higgins will now play a leading role in the development of the new bank, advising Ms Sturgeon and other ministers and helping to build support among civic and business organisations.

Ms Sturgeon said: “The bank is a hugely exciting development for Scotland and I look forward to working with Benny Higgins to establish it as the cornerstone financial institution in Scotland’s economic architecture, promoting and providing finance to help achieve our economic ambitions.”

Mr Higgins said: “The creation of the Scottish National Investment Bank will be an essential element to underpin the future economic wellbeing of our country.

“Hard yards lie ahead, but I relish the challenge that the First Minister has set us. We will build an institution that is fit for purpose and, in particular, one that has the right values.”