New private bank completes investment agreement with Hampden
SCOBAN, which recently received clearance from UK regulators to launch as a new private bank, subject to capital raising, will open later in the year under the name Hampden & Co.
The company is currently engaged in fundraising via an open offer to its existing shareholders.
As part of this process, Hampden, the insurance and financial services group, has taken a significant stake in the business.
In addition, arrangements are to be put in place whereby Hampden’s investment may increase materially, following planned institutional fundraising.
Ray Entwistle, chairman of SCOBAN, says: "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."
Tim Oliver, chairman of Hampden, says: "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."
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