EDINBURGH, Scotland & LONDON--(BUSINESS WIRE)--Hampden & Co plc, the private bank, has been selected by Smith & Williamson to take on its loan book following the recent decision by the financial and professional services group to relinquish its banking licence. The loan book is secured against Smith & Williamson client investment portfolios and the transfer of the loans to Hampden & Co is expected to complete later this year.
Hampden & Co CEO, Graeme Hartop, said: “We are delighted to have been selected by Smith & Williamson to take on the loans they have in place with their clients. When we launched Hampden & Co we identified an opportunity in the market for a private bank that focused exclusively on high quality, service-led banking, and so would be well positioned to work collaboratively with specialist wealth managers like Smith & Williamson.”
David Cobb, Co-CEO at Smith & Williamson said: “It is crucial that our clients continue to receive the same high level of service that they have been accustomed to. When we examined the market, we recognised the same culture and sense of commitment at Hampden & Co, and its clear focus on banking made the decision a relatively straightforward one.”
Reflecting on continuing growth at Hampden & Co and the value expected to flow from the Smith & Williamson transfer, Graeme Hartop added: “We have been growing strongly year-on-year since launch, and a key component of that growth has stemmed from recommendations from UK professionals in the high net worth space.”
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%.
Notes to editors
Hampden & Co became the first UK private bank to be established in a quarter of a century when it opened for business in June 2015. Headquartered on Edinburgh’s iconic Charlotte Square and with a London office in Mayfair, Hampden & Co offers a full suite of banking services which are tailored to meet the needs of individual clients.
Smith & Williamson is a leading financial and professional services group providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s 1,800 people operate from a network of 12 offices: London, Belfast, Birmingham, Bristol, Cheltenham, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton.
The boards of Smith & Williamson and Tilney recently announced that they have reached agreement to combine their respective businesses. The merged business, which upon completion will be named Tilney Smith & Williamson, will be the UK’s leading integrated wealth management and professional services group, offering an unrivalled breadth of value-added services focusing on private clients, businesses and charity.