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.
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
Entwistle 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.