A Scottish National Investment Bank got one step nearer with the appointment of Benny Higgins as the strategic adviser.

Benny Higgins’ past appointments included chief executive of retail banking at the Royal Bank of Scotland, Head of Retail Business at HBOS, then CEO of Tesco Bank.

Benny Higgins said:

“The creation of The Scottish National Investment Bank will be an essential element to underpin the future economic well-being 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.”

The establishment of the Scottish National Investment Bank is ” to boost business investment and innovation” and support economic growth. This is not like the bank you may have your wages paid into or where you make personal withdrawals and deposits.  An investment bank does just what it says in the title – investing in the drivers of the nation’s economy.

Nicola Sturgeon, First Minister of Scotland said:

“Benny Higgins appointment to drive forward the work on the Scottish National Investment Bank will see him build on the invaluable work he did to develop the implementation plan for the Bank, recognising the unique skills and insights he will bring to the delivery programme.

“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.”