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View the article online at http://citywire.co.uk/wealth-manager/article/a652443

Scoban hires Scottish Widows Bank boss as managing director

by Dylan Lobo on Jan 22, 2013 at 07:45

Scoban hires Scottish Widows Bank boss as managing director

Edinburgh-based Scoban has hired Scottish Widows Bank managing director Graeme Hartop.

Hartop will serve as managing director at the UK's newest private bank, where he will be responsible for implementing founder Ray Entwistle's ambitious growth plan.

Hartop spent nine years running Scottish Widows Bank, during which he successfully navigated the bank through the financial crisis.

Entwistle believes it was this experience which makes Hartop the best candidate to lead Scoban.

'[Hartop] brings with him the experience of running a banking business, showing foresight throughout the troubles of 2008, and defining a strategy that made Scottish Widows Bank a very successful operation,' Entwistle said in a statement.

'Furthermore, his appointment at Scoban comes at exactly the right time, as we work very closely with the FSA to gain our banking licence and I am of course pleased that the process for authorising newcomers to the banking marketplace is currently the subject of considered discussion.'

Hartop added: 'It is a hugely exciting time to be joining Scoban as I believe the timing is perfect to deliver a new, high quality private banking proposition in the UK. The chance to become involved and help shape this new venture is very appealing to me and I believe there are great prospects ahead for this business.'

In January 2011 Wealth Manager revealed Entwistle, who was the former chief executive and chairman of Adam & Co, was planning to launch Scoban.

In an exclusive interview with Wealth Manager last September, Entwistle outlined why he believed the UK needed another private bank and his vision for the firm.

Scoban expects to submit a formal application for its licence to the Financial Services Authority, or the newly formed Prudential Regulation Authority, in the next few months and anticipates a response soon afterwards.

At the end of last year the bank took up temporary residence at Adam & Co's former offices at 22 Charlotte Square while its new head office, 9 Charlotte Square, is refurnished and fitted prior to Scoban's occupation in October.  

3 comments so far. Why not have your say?

Bizzie Lizzie

Jan 22, 2013 at 09:53

couldn't choose a better person

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Alan Steel

Jan 22, 2013 at 10:32

A Ray of hope at last for the Banking sector , good to see .

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Teddy

Jan 22, 2013 at 20:07

Without the CF11 and CF14 that Mr Hartop has in place Scoban were not really going anywhere with the FSA and even then they will still need a massive injection of capital.

He will be good for the firm and with Adam & Co getting ready to implode there will be no shortage of willing and able well kent faces making their way along to Charlotte Square. Not just clients I may add!!.

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