Chen bank gets initial backing

THE new banking group being created by former Panmure Gordon analyst Sandy Chen is said to have received letters of intent from two leading institutions who are considering investing a total of £90m in the company.
Invesco Perpetual and Perpetual are both said to be keen on taking stakes in the bank, named Walton & Co, as part of a £200m fund-raising organised by Panmure.
Potential investors were sent a research document a few days ago on a confidential basis and the organisers are now assessing interest.