Saturday, 17 November 2012

"Boring Bank"/Cambridge Commercial Lending Company Dissolved. New bank Cambridge and Counties Bank. Trinity Hall Bursar Paul ffolkes Davis. Cambridgeshire Local Government Pension Fund and Trinity Hall Luminaries and a Bad Hat. Nigel Davis. Peregrine Banbury. David Gill.

Research for recent news about the Boring Bank of Cambridge, registered as Cambridge Commercial Lending Company Limited, was proving difficult but Companies in the U.K. provided the answer. The official accounts and financial records of Cambridge Commercial Lending Company Limited EC2M 3AF London showed that it dissolved very recently on 4 November 2012, almost two weeks ago.

Way back in February 2010 papers were full of this Boring Bank-to-be which was supposed to be opening  once it had raised £50m in funding and a banking license from the FSA.
Nigel Brown

The bank had worthy aims: it was boring because it was going to be utterly trustworthy and keep things simple with deposits and loans. It was set to lease premises from Trinity Hall College with six staff. Banker and entrepreneur Nigel Brown appointed big gun and former head of Coutts, Peregrine Banbury, to be the CEO; among other directors were David Gill, ex HSBC and now MD of St John’s Innovation Centre in Cambridge and Paul ffolkes Davis, the Bursar of Trinity Hall, (a former banker with NM Rothschild & Sons Ltd, NatWest Markets and Rabobank International). 
Paul ffolkes Davis
Cambridge did get a new bank in the end: it wasn't the Boring Bank of Cambridge but the Cambridge and Counties Bank instead. This was formed on 11 June 2012, and is jointly owned by the Cambridgeshire Local Government Pension Fund and Trinity Hall.

Nick Clarke, Gary Wilkinson and Paul ffolkes Davis at the official launch of Cambridge & Counties Bank
The Board of Directors from Cambridge and Counties Bank website includes Paul ffolkes Davis, the aforementioned Bursar of Trinity Hall and Chairman of this new bank.

What is surprising is that  the other directors from the erstwhile Cambridge Commercial Lending Company Limited aka Boring Bank of Cambridge, in particular Nigel Brown, who had the original idea  for a bank in Cambridge, are out of the loop.

Trinity Hall Former Luminaries:
J B Priestley, Geoffrey Howe, David Sheppard, Sir Mark Tully, Rachel Weisz, David Shepherd, Geoffrey Howe, Hans Blix, Norman Fowler, Subba Row.

Donald Maclean,  ex-Trinity Hall and spy for Russia, defected to Moscow in 1951.

Sir Mark Tully KBE, Padma Shree, Padma Bhushan,

Sir Mark is the former Bureau Chief of BBC, New Delhi. He worked for the BBC for 30 years before resigning in July 1994. He held the position of Chief of Bureau, BBC, Delhi for 20 years. He is so well-known there it is said that letters addressed just to Tully, India, reach him in record time. His Radio 4 programme last week on Kumbh Mela was deservedly chosen for Pick of the Week.