Monday, 12 March 2012
Recruitment is set to start for up to 70 new financial jobs at the new government-backed Green Investment Bank (GIB).
It was announced last week that the bank’s operations would be split between two sites in London and Edinburgh, and that it is hoped to be fully operational by the coming Autumn.
The development of the bank is being led by the Department of Business, Innovation and Skills (BIS), with the aim of providing financial solutions for private sector investment in the green economy.
Business secretary, Vince Cable, said that decision to split the bank between the two locations would serve to open it up to wider markets. The London operation will largely deal with the fundraising aspect of the bank.
He explained, “This decision will allow the UK 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 that Edinburgh and London had both come out at the top of the extensive technical assessments carried out to determine the location of the new company.
“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,” he said.
The bank will have some £3 billion at its disposal when it is launched, and will initially create between 50 and 70 full-time equivalent new roles, subject to the approval of necessary state aid.