Edinburgh-based private bank Hampden & Co plc said on Monday it has received the £30 million of Smith & Williamson loan book following the financial and professional services group’s decision earlier this year to relinquish its banking licence.
Hampden & Co said it 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.
Hampden & Co CEO Graeme Hartop 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 & Co in the marketplace.”
In August, Hampden & Co 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 & Co’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.
Hampden & Co now employs about 100 across its Edinburgh and London offices with further hires set to be announced in Q1 of 2020.