A group of bankers led by the co-founder of Metro Bank is fundraising to set up a bank exclusively for high-net-worth individuals, according to The Times.
The cohort is looking to sign up 2,000 of the world’s wealthiest people as clients within five years and is also asking them to help bankroll the venture.
Potential investors – people with $30m in investable assets and family offices looking after $100m – were sent the fundraising document last week.
In the document, Anthony Thomson, co-founder of Metro Bank and founder of Atom Bank, said he hopes to have won accounts with more than 500 family offices and their clients after five years, with $100m a year in profit after breaking even in 2028, and $10bn on the balance sheet by 2030.
Jersey-domiciled FOB is set to be privately owned by its customers through an “evergreen” shareholder arrangement. It is currently valued at $20m, the document said.
Stuart Grimshaw, former chief executive of Australian-listed finance company Humm Group is the other co-founder and chief executive.
