Private bank Hampden & Co has won a significant contract to manage the banking requirements for more than 1,200 wealthy clients in relation to their Lloyd’s insurance underwriting.

The business has been transferred from the Bank of Butterfield which has recently retreated from the private banking market in the UK.

It will mean the transfer of an initial £80 million of balances to the new Edinburgh-based bank.

Graeme Hartop (pictured), chief executive of Hampden & Co, said: “This is a great reflection of the confidence in our service, and a significant business opportunity for us which advances our deposits and client numbers well ahead of projections.

“The UK Private banking market is very competitive and to have our traditional high quality service recognised in this way is tremendous.”

Hampden & Co opened in June 2015 to offer private banking facilities to High Net Worth clients, and their families.

The bank is chaired by Ray Entwistle, the former CEO and chairman of Adam&Co and also has an office in London.