New bank’s CEO is infrastructure expert Mactaggart

Scottish National Investment Bank CEO Eilidh-Mactaggart

Infrastructure investment specialist Eilidh Mactaggart has been appointed the first CEO of the “mission-based’ Scottish National Investment Bank.

The Scottish Government said it 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.”

Mactaggart previously worked for MetLife Investment Management, Commonwealth Bank of Australia and ABN Amro Bank N.V., and has led large scale investments in social infrastructure like schools, universities, hospitals and social housing, transport infrastructure like ports, roads and airports, and regulated utilities and renewable energy.

“With over 20 years of global experience in banking and investment management, she will lead the Bank’s mission-based approach to investing in Scotland’s economy,” said the Scottish Government.

“Through long-term strategic investment the development bank, which will operate and invest independently of government, will seek to provide finance to power innovation and accelerate the move to a low carbon, high-tech, globally competitive economy.”

Mactaggart was most recently managing director of MetLife Investment Management in London and head of European infrastructure and project finance.

Scottish National Investment Bank chair Willie Watt said: “We are building a development bank that will support and encourage a fairer and more inclusive economy in Scotland.

“As we emerge from the COVID-19 pandemic, we will be operating in a very different economic landscape.

“That is why we are pushing ahead with the creation of the Bank so that we can play our role in supporting Scotland’s economic recovery in the medium and longer term.

“Eilidh’s excellent track record building and leading successful investment teams will help us achieve that goal.

“We have a unique opportunity to create a trusted and credible financial institution, and I look forward to working with Eilidh.”

Mactaggart said: “The establishment of the Scottish National Investment Bank will provide long-term patient capital support for ambitious companies, the third sector and infrastructure projects, underpinned by the transition to net zero carbon emissions.

“This is an opportunity to create an ethical and environmentally conscious bank, that will seek to benefit everyone across Scotland.

“I look forward to building the team that will help us achieve the missions set by the Scottish Government and establish the Bank as a perpetual financial institution providing long term support to the Scottish economy.”

Mactaggart was appointed after a selection process carried out by search consultants Odgers Berndtson.

The process was overseen by a panel that included Willie Watt; Liz Ditchburn, Director General for Economy at the Scottish Government; Benny Higgins, Strategic Adviser to the First Minister; and Lesley Knox, former chair of V&A Dundee and Alliance Trust and a non-executive director of Legal & General Group.