EDINBURGH (Reuters) - Scotland’s devolved government said on Tuesday it will create a new national investment bank to boost infrastructure investment with the help of Tesco Bank (TSCO.L) chief executive Benny Higgins.
“We believe that the time is now right to take a new approach on capital investment,” First Minister Nicola Sturgeon told Scotland’s parliament as she set out a new legislative programme.
“I can therefore announce today that we will begin work to establish a Scottish National Investment Bank.”
Higgins, who is due to retire from Tesco Bank in February, will lead work developing the investment bank’s remit, governance, operating model and approach to managing risk, Sturgeon said.
Reporting by Elisabeth O'Leary; Writing by Andy Bruce; Editing by William Schomberg