A 175-year old Scottish savings bank has
already attracted depositor interest after it said it was looking
at expanding its 7-branch network.
Airdrie Savings Bank, an independent bank
headquartered in Scotland, has had interest from “scores” of
individuals and businesses across Scotland after it said it is
planning to open one or two new branches over the next 18
months.
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It has the support of prominent business
people who reportedly plan to deposit about £10m ($15.5m) with the
bank.
Gordon Beattie of Beattie Communications
said clients had already registered interest to open an
account at the bank. He said further growth will be
determined by the level of interest from Scottish communities in
opening accounts. The bank would not disclose where the
branches will be located.
Beattie said clients were drawn to the “old fashioned value” of
Airdrie Savings Bank that avoids “crazy investment
decisions”.
The swell of interest has been led by Brian
Souter, founder and chief executive of Stagecoach. Other
backers include Souter’s sister, Ann Gloag; Sir Tom Farmer, founder
of Kwik Fit and Sir David Murray, owner of Rangers FC.
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By GlobalDataSir Angus Grossart, the Edinburgh merchant
banker who is a former deputy chairman of Royal Bank of Scotland,
and DC Thomson, the family-owned publisher of the Sunday Post and
the Beano comic book are also supporters.
Airdrie Savings Bank was established in 1835
as a mutual and even today allows accounts to be opened with a
deposit of only 5 pence ($0.07).
