Edinburgh has UK's first new private bank in 30 years

Hampden & Co, the first new private bank to open in the UK for three decades, has opened for business in Edinburgh.

Founded in 2010 by Ray Entwistle, former chairman of Adam & Company, the bank finally obtained its banking licence last year under a new streamlined regulatory process. It has raised £50m from 250 shareholders, and it will operate from offices in Charlotte Square, Edinburgh, and St James' in London.

Chief executive Graham Hartop said: "We will deliver a traditional client-led private banking service, fully focussed on client needs and not product sales targets, which will lead to strong client to banker relationships. We are delighted to be welcoming clients on board."