05/02/2009 - Business group hopes to found bank
A consortium of private individuals and organisations is planning to set up its own financial institution in a bid to "put the bank manager back into banking".
The group of businessmen and entrepreneurs in Cambridge is hoping to help "rebuild the economy from the ground up" if its efforts to establish a commercial bank are successful.
One of the people behind the move is Nigel Brown, of NW Brown Group, a corporate financial house based in the city.
"We want to put the bank manager back into banking," he said. "You don't just go into a bank and fill in a form. You need someone who is an experienced business person who can advise and help you with your business.
"It's the sort of thing that has been missing for the past 20 years and it has never been more important than it is now."
The group needs to raise a minimum of £10 million to be recognised by the Financial Services Authority, but Mr Brown said he was confident of attracting sufficient funds for the venture from a combination of individuals and organisations linked to the city. He said it was possible the bank could be up and running within two years.
Copyright © Press Association 2009
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