Scoban, the new UK private bank, has brought in Graeme Hartop as managing director - a role he previously held for nine years at Scottish Widows Bank, part of the Lloyds Banking Group.

Ray Entwistle, Scoban's chairman, said Hartop’s appointment comes as the firm is working with the UK regulator, the Financial Services Authority, to attain a banking licence; the firm said it expects to submit a formal application within the next few months.

In November of last year, Scoban took up residence in the former Adam & Co building in Charlotte Square, signing a 10-year lease; the firm will be putting refurbishment plans into action over the coming months. The firm was set up less than a year ago by Entwistle, former chairman at Adam & Co, positioning itself as offering a traditional style of private banking. It has also said it is looking at the possibility of accelerating its growth through acquiring another firm.