Boring bank to appear in UK market
(4 February 2010 – UK) A group of businessmen are going back to the ‘roots of the industrial revolution’ by creating Cambridge’s first ‘boring bank’.
Banker and creator of the Cambridge Commercial Lending Company, Nigel Brown, has been appointed the first chief executive and bank manager of the new institution.
Mr Brown said that the theory behind the bank’s positioning is due to consumers being vary of banks after the financial collapse and thus a need for a bank that is trustworthy, but really, really boring has arisen.
Once the banking licence has been obtained, it is planned to name the institution either the Cambridge Boring Bank or the Boring Bank of Cambridge, Mr Brown said.
Customers want to see a bank manager again, get advice and all those things that are sadly lacking in the banking industry today, Mr Brown highlighted.
HSBC’s former head of technology, David Gill, will also form part of the board of directors.
The institution will begin by making loans to businesses in the area that have contributed to Cambridge being known as one of Europe’s most important technology centres.
Most of the raised £50 million is coming from a local institution; however Mr Brown is also in talks with other investors about capital raising.
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, Mr Brown concluded.
Mr Brown said that the theory behind the bank’s positioning is due to consumers being vary of banks after the financial collapse and thus a need for a bank that is trustworthy, but really, really boring has arisen.
Once the banking licence has been obtained, it is planned to name the institution either the Cambridge Boring Bank or the Boring Bank of Cambridge, Mr Brown said.
Customers want to see a bank manager again, get advice and all those things that are sadly lacking in the banking industry today, Mr Brown highlighted.
HSBC’s former head of technology, David Gill, will also form part of the board of directors.
The institution will begin by making loans to businesses in the area that have contributed to Cambridge being known as one of Europe’s most important technology centres.
Most of the raised £50 million is coming from a local institution; however Mr Brown is also in talks with other investors about capital raising.
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, Mr Brown concluded.
Subscribe