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 GIB’s 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 world’s leading financial centre, will ensure that the GIB’s transaction team can hit the ground running.

"This decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK’s 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 UK’s second biggest financial centre.

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

"By basing the GIB’s 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.


Related UK National News Stories
Click here for the latest headlines.

27 June 2013
UK Green Investment Bank Receives £800m Extra Funding
Business Secretary Vince Cable today confirmed that the UK Green Investment Bank (GIB) will get £800m additional funding for 2015/16. Speaking at the GIB's first annual review event in London, he said this meant that the bank would be able to allocate £3.
02 August 2013
Businessman Fined Over Damage To Ancient Woods
Natural England has won its case against a businessman in Cumbria who was found to have caused damage to an ancient woodland on his land. Philip Day was order to pay a fine of £450,000 and court fees of £475,000 in connection with the felling of trees and the excavation of land in order to build an access track in Gelt Woods.
10 September 2008
Ryanair Postpones Opening Of Edinburgh Base
Low-fares airline Ryanair has been forced to postpone the opening of its new Edinburgh base for six weeks, due to strike action at airplane manufacturer Boeing. Ryanair said that the strike had resulted in Boeing being unable to deliver two 737 planes which the airline had purchased to operate on its new Edinburgh routes.
21 April 2008
Police Smash Prostitution Ring
A police operation targeting prostitution has seen 15 people arrested in a bid to curb the operations of an alleged organised criminal ring, which forces foreign women into the sex trade.
22 October 2014
Smith Commission To Hold First Meeting In Edinburgh
The first meeting of the Smith Commission, established to debate more powers for the Scottish Parliament, is to be held today (Wednesday) in Edinburgh. Representatives of the Scotland's main political parties will meet with the commission's chairman Lord Smith of Kelvin at the Green Investment Bank in the city.