The state-owned Scottish National Investment Bank announced that its CEO Al Denholm “intends to retire later this year” — but Denholm will work with the bank’s board in an advisory role until the end of 2026.

The “mission-led” Scottish National Investment Bank is Scotland’s first development investment bank, wholly owned by the Scottish Ministers on behalf of the people of Scotland.

The bank officially opened for business in November, 2020. Denholm joined the bank in May 2023 as its second CEO. The bank’s first chief executive officer Eilidh Mactaggart resigned in February 2022 for “personal reasons.”

“He (Denholm) will remain in post for at least six months and until a successor is appointed to ensure an orderly transition of leadership,” said the bank.

“He will then work with the board in an advisory role until the end of 2026.”

The bank added: “Denholm joined the Bank in May 2023 and has led the institution through a key phase of its growth and development.

“Important milestones include securing phase 1 authorisation from the Financial Conduct Authority (FCA) and overseeing the growth of the Bank’s portfolio to comprise of 43 businesses and projects, supported by £785m of committed Bank investment and £1.4bn of crowded-in capital.”

The bank’s chairman Willie Watt said: “On behalf of the board, I thank Al for the energy and passion he has brought to the role.

“His expertise has been instrumental in helping us secure our initial FCA approval and his commitment to staff development has seen us secure employee engagement scores that sit way above industry norms.

“We are grateful for the work he’s done, and he leaves the Bank in a strong position with solid foundations for future growth. We wish Al well in his retirement when it comes.”

Denholm joined the Scottish state-owned bank after 36 years of asset management experience in the UK, Europe, Asia, and America, most recently as CIO of Aviva Investment Solutions Business.

Previously, Denholm was CIO and CEO of Prudential Portfolio Management Group and held senior investment leadership roles with Blackrock, ING, Insight and Scottish Widows.

Denholm said: “Working with the bank has been a highly rewarding way to draw my full-time finance career to a close. I took on the role with big ambitions for the organisation, which I’m pleased we have delivered on.

“Now is the right time for me to plan my retirement as the Bank enters its next chapter, supported by its highly skilled team.

“During my tenure, the Bank has invested in some exciting businesses that I’ll be proud to watch grow and scale as they create jobs, drive growth in the Scottish economy and deliver against the Bank’s impact missions.”