London/Edinburgh, 3 April 2014
New Private Bank completes investment agreement with Hampden
SCOBAN PLC, which recently received clearance from UK regulators to launch as a new private bank, subject to capital raising, will open later in the year under the name Hampden & Co.
The Company is currently engaged in fundraising via an open offer to its existing shareholders. As part of this process, Hampden, the insurance and financial services group, has taken a significant stake in the business.
In addition, arrangements are to be put in place whereby Hampden’s investment may increase materially, following planned institutional fundraising.
Ray Entwistle, Chairman of SCOBAN, commented: “It is a very exciting development for us to have a company such as Hampden taking a significant investment in our new bank. Hampden is a fantastic business with a successful track record in different fields over a number of years. It provides excellent service to its clients and will be a great fit with a new high quality private bank.”
Tim Oliver, Chairman of Hampden, said: “We have invested in SCOBAN since its inception as we believe that there are great opportunities for a new private bank in the UK. I am delighted that we have reached an agreement for the new venture to be launched under the Hampden name.”
The Hampden Group is a leading provider of business support services to the finance and insurance sectors. It is a privately owned group and has appeared on seven occasions in the Sunday Times list of fastest growing private companies. Through its subsidiaries, Hampden is the largest advisor to private capital at Lloyd’s providing nearly £2 billion of underwriting capacity to the Lloyd’s insurance market. In addition, the Group provides management and advisory services to over 1,500 companies.
The PRA has confirmed that it is ready to grant a banking licence to SCOBAN, a new private bank with Head Office in Charlotte Square, Edinburgh and a planned office in St James’s London. SCOBAN will be the first new start up bank to receive a licence offering full, traditional banking services under the new mobilisation process.