The Prudential Regulation Authority (PRA) has approved a banking license request to Scoban, a new private bank set to open in summer 2014.
Founded by Ray Entwistle, former chairman and managing director of Adam & Company, the private bank is located in Edinburgh and has plans to expand into London.
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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."
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