Hampden Bank takes on £30m of Smith & Williamson loan book
- Hampden Bank was selected by Smith & Williamson to take on its loan book following the latter’s decision to give up its banking licence
- Hampden Bank working closely with Smith & Williamson and its client base moving forward
- Smith & Williamson deal has created follow-up interest from other wealth managers across the UK
- Business growth in 2019 has been supported by Hampden Bank’s expansion into the high net worth mortgage intermediary market
- Headcount across Hampden Bank’s Edinburgh and London offices now above 100
- Further hires to be announced early in the New Year
Hampden & Co plc, the private bank, has received the £30m of Smith & Williamson loan book following the decision earlier this year for the financial and professional services group to relinquish its banking licence. Hampden Bank also expects to build its relationship with Smith & Williamson and its client base moving forward, and to extend the range of banking services available to them.
Graeme Hartop, Hampden Bank’s CEO, said: “What really resonated with Smith & Williamson was our exclusive focus on high quality, service-led private banking and what we’ve found since announcing the deal is that there has been a significant step-up in interest from other wealth managers across the UK. It’s great to see that our collaborative way of working with a range of wealth managers is proving to be a real differentiator for Hampden Bank in the marketplace.”
In August, Hampden Bank reported 48% year-on-year income growth in its half-year results, with deposits up 39% and lending increased by 44%. Business growth in 2019 has been supported by Hampden Bank’s expansion into the mortgage intermediary market, particularly in relation to complex mortgages for high net worth individuals. The beginning of 2019 saw the launch of a new digital banking service and, in late September the private bank appointed financial services industry stalwart Andrew Bell to the post of Chief Commercial Officer. Headcount across Hampden Bank’s Edinburgh and London offices is now above 100 and further hires are set to be announced in Q1 of 2020.