RAY Entwistle, the veteran banker who opened the doors on Scotland's newest bank last summer, has become chairman of auctioneer Bonhams Scotland.

Mr Entwistle, who launched the UK’s first new private bank in 30 years when Hampden & Co opened in June 2015, will take up the position on July 1.

He takes over from Simon Miller, who is stepping down after a long association with Bonhams.

Mr Entwistle, a former chairman of Edinburgh-based private bank Adam & Company, was unavailable for comment but said in a statement: “I’m honoured to have been asked to become Bonhams new chairman and to follow in Simon Miller’s very capable footsteps.

“I have enjoyed buying art at auction for many years and I am greatly looking forward to becoming more deeply involved in a world that has always been dear to my heart.”

Miranda Leslie, managing director of Bonhams Scotland, said: "We are delighted to welcome Ray Entwistle as our new chairman. Ray has a longstanding interest in the arts and his reputation in the business and financial world will bring a great deal to our team. Scotland remains an important location for discovering objects to sell internationally as well as here at home and Ray’s global perspective will be a great resource on which to draw."

Hampden & Co opened for business last summer five years after getting itself first in the queue for a banking licence in what was then the government’s new streamlined process. By the time it opened its doors on Edinburgh’s Charlotte Square – it has a second office in Soho, London – it had raised nearly £50 million in capital from 250 shareholders.

In accounts recently filed at Companies House, Hampden & Co noted that it had built up deposits to more than £30m in the period from its launch to December 31, with lending standing at £12m by the end of the period. The accounts show that Hampden &Co booked an operating loss of £8.1m, after incurring expenditure linked to financing the operational building of the bank, as well as on activities after the launch. Mr Entwistle said in the accounts: “Revenues for the first few months began to develop as business volumes grew.”

Total funds received from shares issued grew to £57.5m from £17.8m during the year, with the shareholder base by year end comprised of four “cornerstone” and more than 300 individual shareholders.

Hampden & Co has a team of about 50 staff headed by chief executive Graeme Hartop, who led Scottish Widows Bank for nine years.