Social Investment Scotland (SIS) has named Ken Barclay as its vice chair to support and ultimately succeed current chairman Nick Kuennsberg OBE.

Mr Barclay, who ended his 40-year career with RBS in 2016, joins the responsible finance provider as it looks to build upon 16 years of consecutive growth, over which time it has invested nearly £60 million in social enterprises and charities across Scotland and the UK.

Mr Kuenssberg said: “We are delighted that Ken Barclay, one of Scotland’s most distinguished and respected business leaders, is joining the SIS board. He will add gravitas and financial weight at a critical time for SIS”.

SIS plans that Mr Barclay will succeed Mr Kuennsberg, chair since 2012, in early 2019.

Mr Barclay said: “Social investment has evolved significantly over the past ten years, both within the UK and worldwide, from a niche lending activity with low demand to a more mainstream activity, with increasing levels of awareness across the business, investor and finance communities. Not only is there a greater weight of socially conscious capital looking for a home, but there is also a much greater demand for that capital from the expanding social enterprise sector.

“As the largest not for profit provider of business loans to the third sector in Scotland, SIS is well placed to not only help meet this demand, but also to develop new forms of funding appropriate to the social enterprise models of the future. This in turn will help SIS attract more investment from the wider Scottish and UK investment community. I am delighted to be taking up this role and look forward to working with Nick, Alastair and the team as it continues to increase SIS’s influence in fuelling the sector’s growth.”

Alastair Davis, chief executive of Social Investment Scotland, said: “We at SIS are all excited and look to benefit from the experience and expertise which Ken Barclay brings to our organisation. With an almost unrivalled knowledge of Scotland’s business community, Ken will help to increase our influence at the heart of Scotland’s social investment marketplace.

“Nick Kuenssberg as Chair has worked tremendously hard to drive SIS forward, support the executive and help cement our position as Scotland’s leading responsible finance provider. Ken will now work alongside him to help shape the next stage of our journey before taking over the reins from Nick next year.”