Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Scoban to rebrand after major investment boost

1 Comment
Scoban to rebrand after major investment boost

Scoban is to take on a new name following insurance and financial services company Hampden's decision to take a significant stake in the business.

The UK's newest private bank will operate under the name Hampden & Co. The investment comes after Scoban launched a fundraising via an open offer to its existing shareholders in which it targeted £40 million.  

The bank, which opens for business later this year after receiving regulatory approval, also indicated Hampden's interest could increase materially as it continues to seek capital from institutional investors.   

Commenting on the development, Scoban chairman Ray Entwistle (pictured right) said: '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.'

Hampden chairman Tim Oliver added: '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.'

Through its subsidiaries, Hampden is the largest adviser to private capital at Lloyds, providing nearly £2 billion of underwriting capacity to the Lloyd's insurance market. The business also provides advisory services to more than 1,500 companies.

The Prudential Regulation Authority recently confirmed it was set to grant a banking licence to Scoban to set up shop in Charlotte Square in Edinburgh.

The group also plans to launch a proposition in London, headed by former Adam & Company associate director Jeremy Vaughan.

Scoban will be the first new start up bank to receive a licence offering full, traditional banking services under the regulator's new mobilisation process.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Dispelling the sustainable investing myths

Dispelling the sustainable investing myths

There's a bit of a buzz around sustainable investing at the moment. We speak to three wealth managers to find out what they think.

Play Inside ETFs: positioning for the Fed rate rise

Inside ETFs: positioning for the Fed rate rise

Natalie Fast discusses how investors are using ETFs to position for a rate rise with guests Irene Bauer from Twenty20  Investments and Markit's Simon Colvin.

Play Wealth Manager Retreat: video highlights

Wealth Manager Retreat: video highlights

The UK's leading wealth management talent gathered at our annual event at the Grove celebrate the best in private client portfolio management.

Wealth Manager on Twitter