A leading British financier is hopeful of raising the necessary funds in the near future to establish a new private bank in the UK.
Ray Entwistle - who, for much of his career, worked for private bank Adam & Co - has told Reuters he is planning to put together a total amount of £75 million ($120 million) in order to make his Scoban brand functional.
Mr Entwistle admitted the process is taking longer than he had expected but is looking to generate more interest from potential investors this week by publishing a new prospectus, which will detail exactly where their cash would be spent.
"We need £50 million for the core bank and £25 million to buy asset managers," he explained.
The official indicated that these funding issues can mainly be attributed to the after-effects of the global economic downturn, as "a lot of institutions are still suffering" due to the "very cautious attitude" of investors nowadays.
By Claire Archer