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Scottish Industry News

09/03/2012

First GIB To Be Based In Edinburgh And London

The Business Secretary Vince Cable announced today that the first ever UK Green Investment Bank (GIB) will be based in Edinburgh and London.

The headquarters of the GIB will be located in Edinburgh, with the GIBís main transaction team based in London. This arrangement will enable a greater commercial reach nationally than could be achieved from one location.

Sitting the bank across these two locations will enable the GIB to become a world leader, playing to the strengths of Edinburgh and London.

Mr Cable said: "Harnessing the strengths of Edinburgh and London will support the Green Investment Bank's ambition to become a world leader. Edinburgh has a thriving green sector and respected expertise in areas such as asset management. London, as the worldís leading financial centre, will ensure that the GIBís transaction team can hit the ground running.

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"This decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UKís transition to a green economy."

Scottish Secretary Michael Moore said: "I am delighted that the Green Investment Bank will be headquartered in Edinburgh. Scotland has enormous green energy potential and its capital is the UKís second biggest financial centre.

"The size and scale of the UKís single energy market ensures the level of investment that will unlock Scotlandís renewables future, providing sustainable and affordable green energy across the UK. It makes perfect sense to have a GIB presence there.

"By basing the GIBís corporate HQ, asset management and administrative functions in Edinburgh and its transaction team in London, we can harness expertise across the country to deliver a strong and successful GIB for the UK."

The next step for the GIB is the recruitment of the Chair and Senior Independent Director so that it will be in a position to be fully operational this Autumn, subject to state aid approval for the GIB. The GIB is expected to employ 50-70 full time equivalent staff across the two sites.

(CD/GK)
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First GIB To Be Based In Edinburgh And London - The Business Secretary Vince Cable announced today that the first ever UK Green Investment Bank (GIB) will be based in Edinburgh and London.