Scottish Investment Bank to be ‘lifted and shifted’ into new bank
New strategy: Lord Smith and Steve Dunlop (pic: Terry Murden)
The Scottish Investment Bank will be broken up and its operations split between Scottish Enterprise and the new Scottish National Investment Bank, it emerged today.
Steve Dunlop, chief executive of Scottish Enterprise, said SIB, which is managed by Scottish Enterprise, will become part of the SNIB which has a wider remit. It will operate independently of SE with its own board and management. It is due to begin operating in the middle of next year with a £2 billion taxpayer-funded budget over 10 years.
SIB has taken stakes in early stage growth firms alongside other partners, such as private equity and venture capital companies.
Mr Dunlop, giving an update on SE’s strategy to the media at its Glasgow headquarters, said there were some complex arrangements to be worked out. While SIB clients would move to the new bank, some will also continue to be clients of Scottish Enterprise.