Scottish National Investment Bank chief Eilidh Mactaggart quits

Eilidh Mactaggart was chosen as the bank's first chief executive in April 2020

The chief executive of the Scottish National Investment Bank (SNIB) has abruptly left her post.

The bank said Eilidh Mactaggart had resigned from her role with immediate effect, but gave no further details.

SNIB's chief financial officer Sarah Roughead will act as chief executive while the board looks for a permanent replacement.

Ms Mactaggart was chosen to lead the bank in April 2020, ahead of its launch in November of that year.

• New investment bank names first chief executive

• Scotland's national investment bank launches

• MSPs pass Scottish National Investment Bank legislation

MSPs had passed legislation to set up the bank, which is designed to make long-term investments in Scottish firms, over a period of 10 to 15 years.

Its primary goal is to help Scotland transition to net-zero carbon emissions, while supporting small and medium-size enterprises.

The Scottish government committed to putting £2bn of funding into SNIB over the next decade.

In a statement on Friday, SNIB said its board and executive team would "continue to deliver on the bank's missions".

'Strong team'

Board chairman Willie Watt thanked Ms Mactaggart for the contribution she had made to the successful launch of the bank.

He said: "We have a strong team in place that remains focused on investing to deliver growth, jobs and enhanced social and environmental benefits for the people of Scotland.

"Having committed almost £200m since launch, we are in an excellent position to deliver on our objectives, and I am proud of the significant investments we have made so far.

"We have lots more to do and I look forward to continuing the bank's missions to support the transition to net zero, extend equality of opportunity and harness innovation to enable the people of Scotland to flourish."