While the private banking industry in Western Europe and elsewhere has seen a brisk amount of consolidation, a new player in the UK has entered the scene.

A bank founded in 2010 by a former chairman of the UK’s Adam & Co, Hampden & Co, has become the first private bank of its type to open for 30 years, reports said.

The bank, established by Ray Entwistle, will be run by chief executive Graeme Hartop, formerly CEO of Scottish Widows Bank, Hampden is quoted as having said.

Hampden will be based in Edinburgh and London and employ more than 50 bankers and support staff. The firm has almost £50 million in launch capital, obtained from a group of more than 250 shareholders.

On its website, the firm said: “We are delighted to announce that Hampden & Co opened for business on 4 June 2015. From our offices in Edinburgh and London, we will aim to build lasting relationships founded on the basic principles of honesty, integrity and fairness, caring for the individual, their family and their business interests.” The website contained no further details, apart from adding that it will be updated soon.