4 March 2014
Traditional private banking service plans to opens doors in summer 2014
The PRA has confirmed that it is ready to grant a banking licence to SCOBAN PLC, a new private bank with Head Office in Charlotte Square, Edinburgh and a planned office in the St James area in London. The bank was founded by Ray Entwistle, formerly Chairman and Managing Director of Adam & Company.
SCOBAN will be the first new start up bank to receive a licence offering full, traditional, banking services under the mobilisation process which was put in place in April last year following the restructuring which took place by the regulatory bodies, when the Financial Services Authority became the Financial Conduct Authority and the Prudential Regulation Authority.
Granting the licence is subject to agreed capital requirements being met and the new bank opening its doors within a twelve month period – the SCOBAN Board anticipate a late summer opening.
Ray Entwistle, Chairman, 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.
We will develop a very close relationship with our clients and their families so that they feel that the bank belongs to them. We will, genuinely, know our clients and provide them with a decision-making process which facilitates a speedy and efficient response to their needs. 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.”
Graeme Hartop, Managing Director, who previously led the very successful Scottish Widows Bank, said: “There is still a dislocation in the banking market place, as evidenced almost every day in the press, and this causes worry and some distress to clients. We are told regularly that stability, continuity of personnel and intelligent, speedy decisions are the key points in a client relationship, and we will provide this high quality of service.
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.”