Britain's first new private bank for 30 years opens to clients
LONDON (Reuters) - Hampden & Co. said on Thursday it became the first private bank for 30 years to open to clients after securing final regulatory approval at the beginning of June.
The bank was founded in 2010 by Ray Entwistle, former chairman of Adam & Company and will be run by Chief Executive Graeme Hartop, formerly CEO of Scottish Widows Bank, Hampden said in a statement.
Hampden will be based in Edinburgh and London and employ more than 50 bankers and support staff, it said, while the launch capital obtained from its more than 250 shareholders is nearly 50 million pounds.
"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 said in the statement.
($1 = 0.6287 pounds)
(Reporting by Simon Jessop; editing by Carolyn Cohn)
