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Scoban to rebrand after major investment boost
by Dylan Lobo on Apr 03, 2014 at 11:38
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.
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