The Scottish National Investment Bank (SNIB) — Scotland’s development bank — has appointed former Virgin Money executive Graeme Sands to its newly created chief portfolio officer (CPO) role.
“Graeme will lead the Bank’s post-investment function, working closely with investee company leadership teams to drive performance and support long-term growth,” said the bank.
“He joins the Bank from his role as director of retail banking at Virgin Money, with a career at the company spanning two decades, during which time he held senior roles in business banking, product development and digital delivery.
“A chartered accountant, he moved into banking following an advisory role at PwC and senior management positions in the technology industry.”
Scottish National Investment Bank CEO David Ritchie said: “Since launch, we have invested in a promising portfolio of businesses, working across a diverse range of sectors.
“As the portfolio grows in scale and maturity, it is increasingly important that we support these businesses to capitalise on strategic growth opportunities, navigate uncertainty or challenge, and maximise their long-term economic and social impact across Scotland.
“Graeme brings considerable banking and advisory experience, alongside valuable knowledge of the technology sector. His leadership will be instrumental in strengthening how we manage and support our portfolio to help the businesses we invest in scale their growth, build resilience and deliver meaningful contributions to Scotland’s economic growth.”
Sands said: “Since its inception, the Bank has established itself as a leading impact investor and an important player in shaping Scotland’s financing ecosystem.
“I am honoured to be joining the team and supporting our portfolio companies. From expanding the supply of Scotland’s housing stock to accelerating the energy transition, the Bank’s investments are helping unlock opportunities across all sectors, as well as creating a more sustainable and resilient economy.”
In August, the Scottish Government published its statutory first 5-year review of the Scottish National Investment Bank’s performance, conducted by Edinburgh Airport chairman John Elvidge.
The report said that to date, the Bank had committed a total of £1.16 billion with 53 live investments — 31% in debt, 34% in combined debt and equity, and 10% in equity — and it has invested 25% in funds. It had yet to “issue any guarantees.”
The Bank had so far deployed over half of the £2 billion in capital funding that has been committed to 2030.