Taxpayer-backed Scottish National Investment Bank reveals change at the top
“Having played a prominent role since the bank launched, David brings continuity and strategic focus across its three missions - net zero, place and innovation” – Kate Forbes
The taxpayer-backed Scottish National Investment Bank (SNIB) has unveiled a change at the top.
David Ritchie has been appointed as chief executive, replacing Al Denholm, who has been in the post since May 2023 and is retiring after a 40-year career in the investment industry. Ritchie is currently chief strategy officer of the bank and was a founding member of the team that launched the organisation in November 2020.
SNIB was set up to invest in companies and projects with potential to deliver both “financial returns and societal benefits”. It is wholly owned by Scottish Government ministers, on behalf of Scottish taxpayers, but operates independently from government.
The Scottish Government has committed to capitalising the bank with £2 billion in its first ten years.
Willie Watt, the bank’s chairman, said: “As we pass our five-year anniversary, David’s leadership will help drive the bank forward. The bank now has a portfolio of 49 businesses, having committed more than £990 million of its own capital and crowded in an additional £1.4bn. But we face challenging global economic headwinds.
“Having a skilled and passionate leader - who understands where we’ve been and where we need to go - will be critical to achieving our long-term ambitions to drive growth in the Scottish economy.
“David brings considerable relevant experience to his new role, having worked closely with the board and been a key leader in the executive team since the bank started. He has made a significant contribution to the bank’s progress to date, building strategic relationships and driving forward the bank’s business plan. He brings deep sectoral knowledge and insight and we are delighted that he now takes the helm.”
Ritchie said: “I care deeply about the organisation, its purpose and the transformative role the bank could play in Scotland. It’s a privilege to be asked to lead this team and the institution we’ve created over the past five years.
“The world has changed a lot since the bank started, and we need to reflect those developments in our strategy. As CEO, I will ensure we’re fit for the future.
“The challenge to achieve net zero remains, though the market is changing; Scotland now faces a housing crisis; and we know that we need to nurture and support businesses to scale if we are to create jobs and foster growth for the future,” he added. “It is our job to care for future generations through wise investments that deliver tangible, enduring impact to Scotland and its communities.
“The team and I are focused on maximising the capacity for growth, innovation and impact within the existing portfolio and our promising pipeline of investments. I also see significant opportunities to support and encourage further investment in Scotland.”
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Ritchie was one of the first employees of the bank, joining in June 2020 as head of partnerships and engagement. He was appointed to the new role of chief strategy officer at the bank in October 2024.
An economist by training, before joining the bank Ritchie was employed by the Scottish Government and advised ministers in several roles, including head of the energy industries. He also undertook economic adviser roles.
Deputy first minister Kate Forbes said: “I welcome David Ritchie’s appointment as chief executive of the Scottish National Investment Bank. Having played a prominent role since the bank launched, David brings continuity and strategic focus across its three missions - net zero, place and innovation.
“The Scottish Government has committed £2bn to capitalise the bank and help it deliver Scotland’s economic priorities - driving growth, investment and supporting and creating jobs in a sustainable, inclusive and ethical way. Under David’s leadership, I am confident the bank will continue delivering patient, mission‑led investment to support a fairer, greener and more innovative Scotland.”
In August, SNIB flagged a “healthy pipeline” of opportunities as its latest accounts revealed a paper loss of £77m amid a tough economic backdrop. At the time, Watt said “continued progress” had been made in developing the bank’s capabilities and investment portfolio in the face of a “challenging economic context”.
For the second year, the bank’s income of £34.5m exceeded its operating costs, at £16.2m, with income increasing by 78.8 per cent year-on-year, while its portfolio grew to 42 businesses and projects. In the year under review, it committed £145m and “crowded in” a further £324m, meaning the bank has leveraged its capital to increase additional investment in Scotland.
Last month, the bank invested £20m in Renewco Power, via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. SNIB joined existing investor SSE, which committed an additional £9m as part of the funding round.
Established in 2021 by a team of experienced renewables and finance executives, Renewco has developed a diversified pipeline of more than seven gigawatts across solar, onshore wind, battery storage and green hydrogen projects.
The fresh investment will be used to advance Renewco’s wind and solar projects throughout Scotland and the UK while further accelerating the transition to clean energy across its key European markets.
Ross Dobbie, investment director at SNIB, said: “The strength of Renewco’s Scottish project pipeline reflects the wealth of opportunity and potential in our renewable energy industry. The bank’s investment will help to unlock this potential and accelerate the development of new capacity across Scotland.
“We are a mission-led bank, looking to solve some of the great challenges we face as a society through enabling long-term economic growth and impact.”
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