Air­drie Bank to re­ceive more fund­ing

The Scotsman - - Farming - tErry mur­dEn

THE busi­ness lead­ers in­vest­ing £10 mil­lion in Air­drie Sav­ings Bank to sup­port a re­turn to tra­di­tional bank­ing are ex­pected to con­trib­ute more funds to boost its cap­i­tal base and en­cour­age it to lend to Scot­tish busi­nesses.

Stage­coach chief ex­ec­u­tive Brian Souter said the group, which also in­cludes his sis­ter Ann Gloag, Sir David Mur­ray, Alastair Salvesen, Sir Tom Farmer, Ewan Brown and Sir An­gus Grossart, wanted to sup­port the trustees to build some­thing big­ger. He said they were re­spond­ing to pub­lic dis­may over the big salaries and big prof­its at larger banks, and the Air­drie of­fered an al­ter­na­tive based on mu­tual prin­ci­ples.

“The trustees will need a big­ger cap­i­tal base and the idea would be to help them with that fur­ther down the line,” said Souter.

Each of the in­vestors have con­trib­uted £1m, but Souter de­scribed that as a “start­ing point”.

He said: “We are com­mit­ted to sup­port­ing Air­drie Sav­ings Bank in the longer term. It is a bank that will in­vest in Scot­land.”

The bank in­tends to use the new funds to help it open two branches in ad­di­tion to the seven it cur­rently has in the La­nark­shire area.

The 175-year-old bank does not have share­hold­ers.

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