Edinburgh has won the battle to be the host city for the UK’s first green investment bank.

Business secretary Vince Cable announced late last week that the bank’s headquarters will be based in the Scottish capital, whilst the main transaction team will operate from London.

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Encourage businesses to invest in green projects

The bank is on schedule to begin operating from autumn this year and could help to encourage businesses to invest in green projects, such as the installation of solar-powered heating or sustainable building cladding.

UK’s transition to a green economy

Cable has denied rumours that locating the bank in Edinburgh was simply a ploy to deter Scotland’s bid for independence.

In an interview with The Belfast Telegraph, he lauded the green credentials that the Scottish capital already boasted before the announcement. He said:

“Edinburgh has a thriving green sector and respected expertise in areas such as asset management. The 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.”

Hvnplus.co.uk confirmed that the bank is now hunting for directors and staff for the two new sites. A number of major cities including Cardiff and Manchester had submitted bids to be the host city for the new bank.