Prudential Regulation Authority (PRA) has granted a banking licence to SCOBAN, a new private bank headquartered in Edinburgh.
The bank also plans to open a new office in the St James area in London later this year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The bank, which was set up by Ray Entwistle, formerly chairman and managing director of Adam & Company, will offer full, traditional, banking services for clients.
The new bank will open its doors within a twelve month period, most probably in summer this year.
Entwistle said: "Our bank will be based around the true values and traditions of the great British private bank where the service is rendered on an entirely personal basis via dedicated and highly trained discreet personnel. 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.
"The interest we have received from over 200 investors has been extremely positive. We are in advanced discussions with major cornerstone investors, to raise sufficient capital to meet a strong early demand from potential clients."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataGraeme Hartop, managing director, said "We will open our doors later this year in Edinburgh and London with a very experienced team of bankers, whilst at the same time employing a number of young people to be trained as bankers for the future."
