Hampden & Co, the private banking venture which has been five years in the making, has finally opened for business in Edinburgh.

But the bank has already declined to rule out a relocation of its headquarters to England amid reports that its backers are concerned that the SNP’s drive for full fiscal and political independence could hit their investments.

In a notice on its website, Hampden said it opened its doors on 4 June after getting the green light from regulators.

The bank is the brainchild of Ray Entwhistle, a former chairman of Adam & Company. It will be managed by chief exe...