Burt lined up for chairman's role as broker plans to create new bank

TOP City financial analyst is planning to set up his own bank, with former Bank of Scotland chief executive Sir Peter Burt as chairman.

Sandy Chen, of stockbroker Panmure Gordon, is also believed to have enlisted the help of other businessmen to try to raise money in the City to buy banking assets to form the nucleus of the new bank.

It is believed the broker is looking for about £100 million to get the bank off the ground and that this could lead to a flotation of the new company, with the timing dependent on the enthusiasm of the City to the idea.

Sources said the strategy of Chen and his associates was to try to attract affluent customers to place their deposits with the new bank, and then use that money to lend out to small and medium-sized businesses, a business area Chen sees as providing a good investment opportunity.

Read more: http://thescotsman.scotsman.com/business/Burt-lined-up-for-chairman39s.5622205.jp

www.ukba.co.uk