Entrepreneurs seek to set up new bank to bypass crisis

A group of Cambridge entrepreneurs and businessmen are so outraged by the behaviour of the banks that they are setting up their own.

Telecoms guru Dr David Cleevely said: "We are sick to death of the way the banks are operating. They are offering people almost nothing for deposits but charging small businesses up to 15 per cent for their credit facilities. There is something fundamentally wrong." Dr Cleevely, the founder of Cambridge Wireless and Abcam, the world's biggest catalogue for antibodies, is working with a number of businessmen on plans for a bank serving depositors and commerce.

Read more at The Independent - click here.


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