Cambridge Boring Bank or Boring Bank of Cambridge?
A group of Cambridge businessmen is going back to the "roots of the industrial revolution" by raising £50m for a new lending institution to help revive the East Anglian economy.
Banker, entrepreneur and violin collector Nigel Brown is the brain behind the Cambridge Commercial Lending Company which had its first meeting of directors last week. He has also appointed the first chief executive and bank manager to-be, Peregrine Banbury, the ex-head of Coutts private bank, and he is applying to the Financial Services Authority for a banking licence. Another director is David Gill, a former head of technology at HSBC.
Mr Brown said on Friday: "Once we have the licence, our plan is to name it either the Cambridge Boring Bank or the Boring Bank of Cambridge. After the financial collapse, people want to know that banks are really, really boring again – but trustworthy. They also want to see a bank manager again, get advice and all those basic things which are sadly lacking in banks today."
Mervyn King, the Governor of the Bank of England, has often extolled the virtue of being boring.
The financiers will start by making loans to businesses which have given the region its Silicon Fen sobriquet. Most of the £50m comes from a local institution but Mr Brown, the chairman of the Greater Cambridge Partnership, is in talks with other investors.
The bank is not his first big financial venture – he recently retired as chairman of NW Brown, a financial services boutique, and has played a key role in the local "angel" network. "It's only by making banking boring that real investment gets to the right places in the economy, just as bankers did during the industrial revolution," he said.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 5 iPhone 5c to be discontinued, no iPhone 6c to replace it
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Stock up on canned food for stock market crash, warns former Gordon Brown adviser
Labour leadership: Jeremy Corbyn voters most likely to believe 'world is controlled by a secretive elite'
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...