New Scottish private bank Scoban is entering the next stage of development, with plans to set up shop in Charlotte Square and temporarily occupy Adam & Co's former iconic offices.
The new bank, set up by by former Adam & Co chairman Ray Entwistle,has signed a 10 year lease with the Charlotte Square Collection and plans to undertake a major refurbishment programme over the coming months.
In a sign of the Scoban management team's commitment to the programme, it said it aimed to have prestigious offices to complement its private banking offering.
As part of the arrangement, Scoban will occupy 22 Charlotte Square as a temporary head office during the refurbishment programme and will relocate to 9 Charlotte Square on completion of the works. In fact, 22 Charlotte Square is perhaps better known as the former headquarters of Entwistle's former employer Adam & Co.
Commenting on the development, Entwistle said the new private bank is progressing well, adding: 'We are delighted to announce this important stage in the formation of the new private bank. Our head office at 9 Charlotte Square will be a fitting and appropriate location to establish and grow our business from and we look forward to welcoming our clients to this fabulous building.
Our temporary head office at 22 Charlotte Square is an ideal interim step which will mark the recommencement for me, of a long association with Charlotte Square.
Scoban has entered the next stage of its development after successfully raising another £5 million in a second fundraising. This sits alongside £1.4 million from the group’s initial capital raising. Entwistle is seeking to launch a business with a focus on traditional banking.
Back in September, Entwistle told Wealth Manager he was considering launching his new UK private bank with backing from a foreign institution and has said that a potential strategy to acquire investment management businesses could be put on ice.
He said the options that lay ahead for the fledgling bank included raising more money – a figure that could be around the £75 million mark – or purchasing another organisation, which would represent a quicker route, but one that is not without its challenges.