Embattled national bank hails ‘solid’ performance

THE interim head of the embattled Scottish National Investment Bank (SNIB) has hailed its “significant progress” in its first full year of operation despite the abrupt departure of its chief executive earlier this year, writes Kristy Dorsey.

Interim chief executive Sarah Roughead said she was “extremely proud” of what the bank has achieved, with £194.4 million committed across 14 investments since its launch. Set up in November 2020, the bank is owned by the Scottish Government and is charged with providing investment to firms that meet its “mission-led” criteria.

It was announced in February that the SNIB’S inaugural chief executive, Eilidh Mactaggart, had quit the role with immediate effect. No explanation was initially given for her departure, though Ms Mactaggart later said she had resigned for “personal reasons”.

Ms Roughead, who stepped up to interim chief executive from her post as chief financial officer, said SNIB has made “considerable progress”.

She added: “The bank has recruited a strong team against the backdrop of Covid-19 and is well-positioned to embed the strong foundations it has built and to deliver its strategic objectives and further missionaligned investments.’’