Hampden buys into new bank
THE private bank being launched in Edinburgh by Ray Entwistle is to be called Hampden & Co after the Hampden Group took a substantial stake in the business.
Until now it has been known as Scoban and recently received clearance from UK regulators to begin operations. Hampden, the insurance and financial services group, acquired its undisclosed stake as part of a fundraising exercise via an open offer to its existing shareholders.
Entwistle, chairman of Scoban, said: “It is a very exciting development for us to have a company such as Hampden taking a significant investment in our new bank.”
Tim Oliver, chairman of Hampden, said, ‘We have invested in Scoban since its inception as we believe that there are great opportunities for a new private bank in the UK.”