New role for financier
Watt named chairman of Scottish National Investment Bank
First SNIB chairman: Willie Watt
Willie Watt, former CEO of fund management company Martin Currie, has been appointed chairman of the Scottish National Investment Bank.
Economy Secretary Derek Mackay welcomed the appointment ahead of the bank’s launch next year. Mr Watt will receive up to £60,000 for 48 days per year.
“The Bank has the opportunity to transform and grow Scotland’s economy. Willie’s background in investment, and his wealth of experience in building organisations with the right kind of culture and values, will help to shape it as a trusted and credible financial institution now and for generations to come,” said Mr Mackay.
“I look forward to working together as we build an ethical, sustainable and inclusive bank to support economic growth across Scotland and help businesses and communities to flourish.”
Mr Watt was CEO of Edinburgh-based Martin Currie between 2001 and February this year and will step down as chairman of the firm next month.
He spent 16 years with the 3i Group, latterly as managing director of its Scottish business. He is a member of the advisory board of Scottish Equity Partners.
He takes on the challenge of steering the Scottish National Investment Bank following recommendations of a commission led by the bank veteran Benny Higgins.
It will take a mission-based approach to investment, which includes supporting the transition to net zero.
The Scottish Government has committed to investing £2 billion to capitalise the bank over 10 years.