The chief executive of the Scottish National Investment Bank (SNIB), Al Denholm, has announced his intention to retire later this year, concluding a distinguished 40-year career in the investment sector.
Denholm, who has been at the helm since May 2023, will continue in his role for at least another six months to guarantee a smooth leadership transition until a successor is appointed. Post-transition, he will serve in an advisory capacity to the board until the end of 2026.
Under Denholm’s leadership, the bank has navigated a critical period of growth and development.
Among the notable achievements during his tenure are the attainment of phase one authorisation from the Financial Conduct Authority and the expansion of the bank’s portfolio to include 43 businesses and projects. These endeavours are supported by £785 million of direct bank investment and an additional £1.4 billion of leveraged capital.
Willie Watt, chairman of the bank, expressed his gratitude for Denholm’s contributions: “On behalf of the board, I would like to thank Al for the enthusiasm and dedication he has shown. His expertise has been crucial in achieving our initial FCA approval, and his focus on staff development has resulted in employee engagement scores significantly exceeding industry standards. He leaves the bank well-positioned for continued growth and we wish him all the best in his impending retirement.”
The Scottish National Investment Bank is committed to injecting patient capital into businesses and projects that promote a more equitable and sustainable Scottish economy.
As an impact investor, the bank aims to generate commercial returns while also delivering significant societal benefits, such as combating the climate crisis, transforming communities, and fostering technological innovation.
Reflecting on his time at the bank, Denholm said: “It has been immensely fulfilling to lead the bank at this juncture of my career. I joined with high hopes for the bank’s future, and I am gratified to see these ambitions realised. With the bank poised to enter a new phase of growth, now is the appropriate time for me to plan my retirement.”
Denholm succeeded Eilidh Mactaggart, who left the role unexpectedly in 2022. His appointment came with a salary of £240,000, aligned with external benchmarks according to the bank.
During his leadership, the bank has supported a range of promising businesses, and Denholm expressed his pride in their potential to drive economic growth and fulfil the bank’s ambitious impact goals.
