EDINBURGH, Feb 28 (Reuters) - A new state-owned Scottish public investment bank aims to have a long-term capitalisation of 2 billion pounds ($2.78 billion) over its first 10 years, the Scottish government said on Wednesday.
The bank’s chief executive, Benny Higgins, said the bank would focus on small and medium-sized businesses and projects that needed long-term funding.
Scotland’s government - run by the pro-independence Scottish National Party - said the bank would need permission from Britain’s finance ministry to raise capital in its own right, rather than rely on capital advances from Scottish authorities.
The government report said it envisaged the bank receiving 1 billion pounds of public capital in its first five years, and a further 1 billion pounds during the next five years, taking total public capital to 2 billion pounds. (Reporting by Elisabeth O’Leary, writing by David Milliken; Editing by Stephen Addison)