Fundraising nets £5m for Scoban

SCOBAN, the planned new private lender for the UK, revealed yesterday that it is nearer to lift-off for the project following a successful initial fundraising and the appointment of an investment bank.

Scoban said it had received offers to subscribe for more than £5 million of shares. Ray Entwistle, the chairman of the new bank, who worked at Adam & Co before helping sell the firm to Royal Bank of Scotland in 1993, said he was “overwhelmed” by the support from investors for the new venture “despite the turbulent market environment”.

Entwistle said that, after completion of the offer, Scoban’s shareholder base is expected to increase to over 170 individuals, and Espirito Santo Investment Bank would become financial adviser to support the development of the company.