SCOBAN secured the participation of about 170 shareholders in the second round.
"We are overwhelmed by the support we have received from investors who are backing our venture despite the turbulent market environment," said Entwistle, who serves as executive chairman.
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Started in January 2011, on its directors’ belief that there was significant demand in the UK for a high quality, traditional private banking service, SCOBAN has hit more obstacles than planned.
The venture started brightly, collecting ?1.4m in initial funds from individual investors, exceeding three times the targeted amount.
The bank was expected to be up and running by July 2012. Launched in October 2011, the second round of fundraising had collected just ?3.3m, almost half of the minimum amount planned, by the lapse of the offer at the end of February 2012.
The management had to rethink its strategy, broadening the amount of individuals to who submitted applications and dropping the minimum amount of shares to be subscribed for the fundraising from £6m to ?5m.
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By GlobalDataFour months later the expected ?5m have been collected.
Now SCOBAN expects to commence business in late 2013, or later in 2014.
To do so and be fully operational, SCOBAN needs to collect a total of ?75m, a spokesman said.
Despite the difficult current financial environment, the management is committed and certain of the goodness of the project, SCOBAN said.
"It is possible and we are confident it is going to happen," said the spokesman.
