Pi Capital, an investment club for some of the UK's wealthiest entrepreneurs, has sold one-fifth of itself to HBOS division Bank of Scotland Corporate, which already provides banking services to one-third of the UK's most prominent entrepreneurs.

The deal will allow Pi members to co-invest on selected transactions alongside Bank of Scotland's integrated finance division, which takes stakes in and provides backing to small to mid-sized companies. HBOS will in return receive access to Pi's 300 members, who are chief executives and chairmen of FTSE 100 companies, financiers, entrepreneurs and heads of wealthy families, and to their ideas.