SCOBAN, a UK-based private banking services provider, has selected Lombard Risk Management’s regulatory solution for Bank of England, Financial Conduct Authority (FCA) and European Banking Authority (EBA) reporting.
Called Lombard Risk REPORTER, the regulatory solution is used by over 200 firms globally, including 55+ for EBA Common Reporting, for requirements in the areas of credit, market and operational risk, large exposures, leverage and liquidity risks, and financial and statistical information for calculation, analysis and submission.
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SCOBAN is planning to open a new office in mid 2014 as a new private bank, which will be managed by executive chairman Ray Entwistle with its head office in Charlotte Square, Edinburgh and an operation in St James area in London.
SCOBAN will be the first new start up bank to receive a license to offer traditional banking services under the mobilization process which was put in place in April last year following the restructuring which took place by the regulatory bodies.
The Prudential Regulation Authority (PRA) has confirmed that they are ready to grant SCOBAN its banking license subject to certain minimum capital requirement.
Robert Markham, head of sales, regulatory compliance for EMEA at Lombard Risk, said: "By deploying Lombard Risk REPORTER, SCOBAN will address an array of regulatory reporting issues and benefit from a truly integrated end-to-end solution that fully addresses the complexity of the current environment as well as providing the scalability to meet future requirements as they evolve over time."
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