Harlow images by
Categories
Archives
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
It’s new, good for business, and boring : The Bank of Cambridge
A group of Cambridge businessmen are setting up their own bank, and emphasising it will be ‘boring’. They are raising £50 million to provide good old-fashioned commercial banking – loans to small businesses.
Good people, Good area
There are some good people involved, including former HSBC head of technology and innovation David Gill, Nigel Brown, former chairman of financial services boutique NW Brown, and Former boss of Coutts private bank Peregrine Banbury.
They are in a good area : “Silicon Fen” has a wealth of high-tech startups, especially in biotech and IT.
Which makes me hope they will be more effective than Essex County Councils Bank of Essex, which has attracted a lot of publicity, but only a handful of clients.
Banks and Bankers
There are many other new entrants looking to start or grow their presence in the UK retail and commercial banking sector, including Tescos, John Lewis and Virgin Money. This shows the sector is fundamentally sound and a good place to do business. Also, it shows that the sector’s biggest weakness is the reputation of the big banks and the bankers who run them.