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.