Scottish investment veteran Willie Watt has been appointed the first chair of the board of the new Scottish National Investment Bank, which will be operational in 2020.

The Scottish Government has committed to investing £2 billion to capitalise the new bank over 10 years, enabling it to become a cornerstone institution in the Scottish economy.

Watt was CEO of Edinburgh-based fund management firm Martin Currie between 2001 and February, 2019, and will step down as chairman of the firm in December, 2019.

Watt previously spent 16 years with the 3i Group, latterly as managing director of its Scottish business. He ran specialist venture, buy out and energy investment teams.

Watt is a member of the advisory board of Scottish Equity Partners.

Economy Secretary Derek Mackay said: “I’m delighted to appoint Willie Watt as the first chair of the board of the Scottish National Investment Bank.

“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.

“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.”