Private bank Hampden & Co has been selected by Smith & Williamson to take on the latter’s loan book, with the transfer expected to complete later this year.
Financial and professional services group Smith & Williamson previously announced a strategic move to relinquish its banking licence.
The loan book is secured against Smith & Williamson’s client investment portfolios.
“We are delighted to have been selected by Smith & Williamson to take on the loans they have in place with their clients,” said Graeme Hartop, CEO at Hampden & Co (pictured above).
“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, added that it was “crucial” that its clients continued to receive the same high level of service that they had 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.”
In August, Hampden & Co reported a 48% year-on-year income growth in its half-year results, with lending up by 44%.
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