David Ritchie Takes Charge as CEO of Scottish National Investment Bank

David Ritchie has been appointed as the new chief executive officer (CEO) of the Scottish National Investment Bank (SNIB), effective immediately. Previously serving as the bank’s chief strategy officer, Ritchie was a key architect behind the bank’s formation, which launched in November 2020. He succeeds Al Denholm, who announced his retirement after a distinguished 40-year career in the investment sector.

In his role, Ritchie will guide the bank through its next phase as it approaches its five-year anniversary. According to Willie Watt, chairman of the bank, “David’s leadership will help drive the bank forward.” He emphasized Ritchie’s integral role in shaping the organisation’s strategy and operations since its inception.

The SNIB has established a substantial portfolio, currently comprising 49 businesses and having committed over £990 million of its own capital while attracting an additional £1.4 billion in external funding. Watt acknowledged the challenges posed by “global economic headwinds” but expressed confidence in Ritchie’s ability to steer the bank towards its long-term goals, which include fostering growth within the Scottish economy.

Deputy First Minister Kate Forbes also welcomed Ritchie’s appointment. She noted that he has been a pivotal figure since the bank’s launch, contributing continuity and strategic focus across its core missions, which include achieving net zero emissions, enhancing local communities, and fostering innovation. Forbes highlighted that the Scottish Government has committed £2 billion to capitalise the bank, reinforcing its commitment to driving sustainable growth and job creation in Scotland.

In his acceptance statement, Ritchie expressed his passion for the bank’s mission. “I care deeply about the organisation, its purpose, and the transformative role the bank could play in Scotland,” he stated. Ritchie underscored the need to adapt the bank’s strategy to reflect the evolving market landscape, particularly in light of challenges such as Scotland’s housing crisis and the ongoing push towards net zero emissions.

He outlined his commitment to making wise investments that will benefit future generations, stating, “It is our job to care for future generations through wise investments that deliver tangible, enduring impact to Scotland and its communities.” Ritchie also indicated a focus on maximising the potential for growth, innovation, and impact within the bank’s existing portfolio and pipeline of investments.

As he steps into his new role, Ritchie aims to leverage the bank’s resources to support further investment in Scotland, ensuring it continues to play a pivotal role in the country’s economic development.