The Scottish National Investment Bank (SNIB) announced that the UK’s Financial Conduct Authority (FCA) has approved an application for authorisation by the bank’s wholly owned subsidiary, Scottish Investments Limited.

“This initial set of permissions will support us to engage more proactively in the market,” said the bank.

SNIB CEO Al Denholm said: “Catalysing private investment has been a key priority for the Bank since inception.

“To date, the Bank has crowded in £1.4bn alongside our investments of £662m.

“This approval increases our options and flexibility around how we can encourage more investment in Scotland, helping scale the pipeline of businesses poised to deliver against our missions and drive economic growth.”

The Bank is an impact investor, focused on delivering tangible benefits alongside commercial returns on public capital.