The former chairman of RBS’s Adam & Co,
Ray Entwistle, is founding a new UK private bank planned for launch
in July 2012.
Scoban, the bank’s holding company, has been
formed and registered, but the bank’s trading name is still under
active consideration, Entwistle said.
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The new bank’s first round of fundraising is
currently underway.
Scoban estimates it will need to raise between
£50m ($79m) and £100m for working capital and support offices in
London and Edinburgh.
New bank will not be ‘faceless’ product
pusher: Entwistle
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By GlobalDataEntwistle said the bank will have a strong
service commitment “based around the true values and traditions of
the great British private bank”.
“It will be an institution which places the
emphasis on providing the highest quality of service, rather than
just a faceless operation looking to sell products,” he said.
Entwistle, who will become chairman, will be
joined in this venture by Simon Miller, a former Adam & Co
board member, David Nabarro and Alex Hammond-Chambers, all of whom
will be non-executive directors.
