BENNY Higgins has said the planned Scottish National Investment Bank has a great opportunity to make a big difference to the country’s economy after being recruited to lead work on turning the concept into a reality.

The banking sector veteran has been appointed strategic adviser to the Scottish Government for the establishment of the bank after developing an implementation plan outlining what the new body will do.

He will be paid £95,000 a year.

The Scottish Government accepted the 21 recommendations Mr Higgins made in a report on the bank published in February.

It reckons the bank could provide or help unlock the investment required to achieve a step change in inclusive growth for the Scottish economy, with at least £2 billion funding available over the first ten years.

Nicola Sturgeon said Mr Higgins could bring unique skills and insights to the delivery programme. Once a Celtic youth team player, Mr Higgins spent 10 years running Tesco Bank and held senior roles at RBS and the former Halifax Bank of Scotland.

Mr Higgins said he was thrilled to take the bank on to the next stage, adding: “It’s extremely important for the economic wellbeing of Scotland that it’s developed well and has the right structures and values.”

He highlighted the potential for the bank to address issues such as the problems firms face in accessing funding to scale up and long term patient capital. It could encourage private sector players to widen their funding horizons.

The bank is expected to operate in shadow form next year and to become fully active in 2020.

Mr Higgins’ appointment will run from late July to early 2020.