Bank will not rush move to quit Scotland

HAMPDEN & Co, the Edinburgh-based private bank, has refused to rule out shifting its headquarters south of the Border.

But the bank, which caters for high net worth clients, insists any consideration over where to locate its brass plate is “not a political thing”.

Hampden chief executive Graeme Hartop was responding to a report highlighting fears the bank, whose head office is close to Bute House, the official residence of the First Minister, in Charlotte Square, will move its head office to England.

The story suggested Hampden’s wealthy backers fear the SNP’s drive for full fiscal autonomy and a second independence referendum will hit their investments.

Asked whether the location of the bank’s HQ was a live issue, Mr Hartop said: “It’s not a political thing. Each business looks at what’s most appropriate for their own business and shareholders and clients. That’s just a natural part of business decision making.

“I think that is something that is always considered and it is no different at this time.

“You’ve got to always be aware of the surroundings of what you are working in.”

When asked what would be Hampden’s biggest concern if Scotland voted to become independent in a future referendum, Mr Hartop replied: “Essentially we just need to look at the entire landscape. There is no particular area that we are saying is more concerning than the other.”

Ray Entwistle, the veteran banker who founded Hampden in 2011, said Hampden has “absolutely no intention of racing into any kind of decision” on its HQ.

He noted that business owners who had feared a Yes vote in last year’s referendum may be worried about May’s general election result, which saw the SNP take 56 of the 59 seats in Scotland.

However he insisted in the report Hampden is “not politically motivated in any way”.

Hampden is due to open for business soon.