Hampden & Co, the UK’s first new private bank in 30 years, has formally commenced business in Edinburgh and London.
The private bank was established in 2010 by former chairman of Adam & Company Ray Entwistle, under the name Scoban in 2010. It was renamed in April following specialist insurer Hampden Group’s acquisition of a substantial stake.
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Hampden & Co received final regulatory nod at the beginning of June 2015 after being granted a banking licence in March 2015.
The new venture has obtained a launch capital worth £50m from over 250 of its shareholders.
Hampden, which will employ more than 50 bankers and support staff, will be run by Graeme Hartop, ex-CEO of Scottish Widows Bank.
“The timing for launch is ideal as we continue to experience an improved economic environment, strong client demand and a favourable competitive landscape, as a large number of the existing banks continue to deal with significant legacy issues,” Hartop remarked.
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