Eurythmics’ Dave Stewart unveils plans for First Artist Bank

Eurythmics musician Dave Stewart has unveiled plans for a new bank, to be called First Artist Bank, which will offer services designed to ensure fellow musicians “don’t sign stupid deals”.
Speaking at the Reeperbahn music festival in Hamburg, Stewart said the inspiration for the bank, of which he will be co-chairman, is Farmers Bank in the US. “Farmers used to have problems such as droughts or their tractor breaking,” said the songwriter, producer and entrepreneur. “They all had different banks that would lend them $1,000 but take a thousand acres – sort of like the music business, where they lend you money but take the rights [to your music]. So the farmers created a farmers’ bank about a hundred years ago, and it’s still one of the most successful banks today.”

First Artist Bank is “going to supply funding and management of digital assets and intellectual property, as well as advice – so people don’t sign stupid deals,” Stewart explained.

His project partner and co-chairman of First Artist Bank is Michael Philipp, the former chairman and CEO of Credit Suisse Europe, Middle East and Africa and a former senior executive at Deutsche Bank. Stewart said that he and Philipp, who is also on the board of the World Wildlife Fund and an investor in geothermal energy, are determined to “change the face of banking”.

Launching early next year, First Artist Bank will be part of the broader initiative First Artist Ventures, which includes Talenthouse, a venture that partners brands with the creative community, and Stewart’s own company, Weapons of Mass Entertainment.

The bank, he said, will empower artists in music, film, television and theatre. “It’s a global creative community bank.”

One of the first three branches of the bank will be inside the new part of the Hospital – a private members’ club that Stewart co-owns and which is for the creative community – currently under construction in London’s East End.

“It’s in particular a bank for artists, creators and their fans,” said Stewart. “The bank’s credit cards will have an ‘art miles’ points scheme, with rewards including tickets to Glastonbury, albums and theatre tickets.”

He told the Guardian that he and Philipp have been working on the details for First Artist Bank for years, and that an important part of its operations will be transparency for customers.

Source: The Guardian