Sir David Murray’s investment business Murray Capital has moved its day-to-day banking arrangements to Barclays following a long-standing relationship with Bank of Scotland.
The deal represents one of the highest profile moves of a business banking account in recent times.
Bank of Scotland bankrolled many of Sir David’s deals during the growth of his steel and property businesses and as owner of Rangers Football Club.
Barclays will now act as sole banker in the provision of facilities for the Edinburgh-headquartered Murray Capital.
The family-run business manages investments across a range of asset classes.
Sir David’s son, David D. Murray, director of Murray Capital, said: “The new banking arrangement with Barclays represents a step change for the business as we plan for future growth.
“It allows us more flexibility in our finances and Barclays’ collegiate approach impressed us throughout the process. We see this as a strong financial partnership to guide Murray Capital’s ongoing success.
“We have invested in a healthy pipeline of strategic land assets across central Scotland, as well as trading businesses, and will continue to welcome opportunities in both.”
Jamie Grant, head of corporate banking for Barclays in Scotland, said: “Murray Capital has diversified and grown over the past few years and was looking for a bank that shared its future vision.
“We worked closely with the management team to understand their requirements.
“The changing economic landscape can pose challenges for Scottish businesses and we are keen to work with ambitious companies like Murray Capital to navigate uncertainties and maximise their potential.”