Scoban, the Edinburgh venture setting up a new private bank, has said its banking licence is on track and has appointed another director.
Jeremy Fraser, former legal and compliance director at ING Direct, has been recruited as chief compliance and risk officer, reporting to group managing director Graeme Hartop, the former Scottish Widows Bank chief who joined the venture in January.
Ray Entwistle, founder and chairman of Scoban, said: "Jeremy's great experience in regulatory compliance and risk management will be a valuable addition to the Scoban board. His appointment is an important further step in our progress, including securing our banking licence over the coming months, and further demonstrates our commitment to a robust and thoroughly professional approach as we build the new bank."
Scoban says work will begin shortly on building and testing the banking platform, with a view to opening in Edinburgh and London early next year.
Mr Entwistle added: "We are nicely on track with our licence application, making great progress on all fronts and the momentum continues to build toward launching the new bank.
"Further good news is that we expect to take possession of our head office at 9 Charlotte Square ahead of schedule."
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