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Ex Adam & Co chief Entwistle plans private bank launch
by Drazen Jorgic on Jan 20, 2011 at 15:25
Former Adam & Co chief executive and chairman Ray Entwistle is planning to launch a rival private bank, Citywire Wealth Manager can reveal.
Entwistle – who was the chairman of Adam & Co for five years before his departure in February 2010 – had a 10 year spell as chief executive of the private bank prior to this.
Widely known and highly respected in the Scottish wealth management circles, Entwistle had been with Adam & Co since 1984.
Traditional private bank
He has now created a new company, Scoban, with three other directors in the aim of launching a private banking business in the UK.
David Nabarro, who is set to be a non-executive director in Scoban, said plans are at a very early stage but the idea is to initially open offices in Edinburgh and London.
He said: 'The key initially is that it will be very conservative, very risk averse, and it will adhere to old fashioned banking values.
As well as being extremely conservative, Nabarro said the new venture will be very focused on client service and relationship banking. 'It will be about knowing you clients rather than punting securities. It will not be racy or aggressive or make any of the mistakes made by the banks over the last 20 years in the UK.'
It is understood Entwistle has been visiting potential investors and people who may be willing to become private banking clients in a bid to build seed capital. 'Ray has a remarkably good reputation in the UK banking arena and I think that things like [Scoban] will be backed by people who want to bank with us and people who want to work with us', Nabarro said.
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