A newly formed UK private bank has chosen Lombard Risk Management to provide it with regulatory and compliance reporting solutions.

Lombard Risk Management, which provides integrated regulatory reporting, compliance and collateral management solutions for the financial services industry, has announced that SCOBAN has chosen the firm's compliance reporting system that deals with regulators in the UK and Europe.

Lombard Risk REPORTER is a regulatory solution for Bank of England, Financial Conduct Authority and European Banking Authority reporting.

“Regulatory reporting is a critical business function to the bank and we selected Lombard Risk based on their proven track record in this market, as well as their experience with new start up banking operations. We look forward to building our partnership with Lombard Risk over the coming years,” said Andrew Mulligan, finance executive director, SCOBAN.

SCOBAN, the new UK private bank, plans on opening its doors in the summer of this year, having received indications of obtaining a licence from the UK's Prudential Regulatory Authority. The private bank has its head office in Charlotte Square, Edinburgh, and also a planned office in London.  

Ray Entwistle, executive chairman, who was formerly a chairman of Adam & Co and Graeme Hartop, managing Director, will head the bank.        

“Our bank will be based around the true values and traditions of the great British private bank where the service is rendered on an entirely personal basis via dedicated and highly trained discreet personnel,” said Entwistle in a statement.

SCOBAN said it will be the first new startup bank that will receive a licence offering full, traditional, banking services under a mobilisation process which was put in place in April last year.  

The licence will be granted as long as agreed capital requirements are met and the new bank opens its doors within twelve months.

“We are told regularly that stability, continuity of personnel and intelligent, speedy decisions are the key points in a client relationship, and we will provide this high quality of service,” Hartop said.