It was announced today that ScoBan will now operate under the name Hampden & Co following insurance and financial services company Hampden’s decision to take a significant stake in the business.
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.
Scoban chairman Ray Entwistle: ‘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.’
Source: Citywire (http://citywire.co.uk/wealth-manager/scoban-to-rebrand-after-major-investment-boost/a744589)
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