Enjoy those bonuses, City boys. The high street will be so very different next year – and your investors will have a better place for their money!

Walton and Co is seeking investors to start up as a bank. And like Metro Bank, its drawing its expertise from the City, in the form this time of gamekeeper-turned-poacher Paul Walton, an ex-FSA risk consultant.

Boutique banks promise change and Walton & Co’s differentiator is the quality of its advisor. Because its none other than Sir Peter Middleton, ex-chairman of Barclays.

I had the privilege of working for Sir Peter and found him both professional and honourable. I regard him as a true gentleman and unusually for such a position, to be very gracious. He’s bringing qualities that money alone can’t buy and will be their greatest asset.

The foundations of the new bank

Walton & Co intends to open initially as a conventional bank with two branches in the South East UK, around London. An on-line service is also planned. This is a reversal of how Virgin Money plans to start out and reflects the two management styles, Walton from banking, Branson from the other side of the service industry.

Walton’s style sounds almost old-fashioned, aiming to return to strong, solid banking values. It intends to target reliable customers like family units and well-planned smaller businesses.

The rest of the management team

The idea behind Walton and Co came from Sandy Chen, whose an analyst at brokerage Panmore-Gordon. Mr Chen will assume the role of CEO for the new venture.

The new bank hopes to centre around Paul Walton, who will be lending his name to the bank and also be taking up the role of it first chairman. Mr Walton led an inquiry into ABN-AMRO bank’s shorting of investments on behalf of the FSA, so will be seen as a knowledgeable and principled leader for the board.

Investment for the new bank

Walton & Co will be targeting the institutions in the hope of drawing funds away from the conventional banks, whose tarnished reputations are being further corroded by the latest rounds of bonus awards, which has caused a great deal of uneasiness in the City.

A formal listing as early as Q1 is planned to provide investment momentum ready for the official launch of services. Walton & Co expects to receive its operating license by the third or fourth quarter of this year.

Not even mid January and I’ve already described the launch of two new boutique banks. This is going to be an exciting, if not altogether unpredicted 2010!