Eurythmics musician Dave Stewart has unveiled plans for a new bank, First Artist Bank, aimed at helping artists avoid unfavourable deals. Speaking at the Reeperbahn music festival in Hamburg, Stewart explained that the bank will offer funding, management of digital assets and intellectual property, and financial advice.
Stewart, who will be co-chairman, drew inspiration from Farmers Bank in the US, which was created by farmers to avoid exploitative lending practices. He said the music industry often mirrors this, with banks lending money but taking rights to music.
The bank, launching early next year, is part of First Artist Ventures, which includes Talenthouse and Stewart's company Weapons of Mass Entertainment. Stewart's co-chairman is Michael Philipp, former chairman and CEO of Credit Suisse Europe, Middle East and Africa.
First Artist Bank will cater to artists in music, film, television and theatre, with branches including one inside the Hospital, a private members' club for the creative community in London's East End. The bank will offer credit cards with an 'art miles' points scheme, rewarding customers with tickets to events like Glastonbury.
Stewart emphasised transparency as a key part of the bank's operations, aiming to empower artists and change the face of banking.
