Edinburgh-based private bank Hampden & Co said it has attracted £80 million of balances after securing a “significant” deal to take charge of the banking business of more than 1,200 members of Lloyd’s insurance market.
The lender, which says it is the newest of its kind in the UK after launching in June last year, said that looking after the high net worth clients puts it well ahead of targets.
It has won the business from Bank of Butterfield, which recently stepped back from the private banking market in the UK, with the transfer now complete.
Hampden & Co chief executive Graeme Hartop 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.”
The independent lender, which also has an office in London and is chaired by Ray Entwistle, former chief executive and chairman of fellow private bank Adam & Co, said many of Bank of Butterfield’s clients have “diverse financial arrangements and place a real value on experienced banking advice”.
Hampden & Co has this year announced several key appointments, including Graeme Morris from Clydesdale, Alastair Hazell, formerly of Coutts and also Clydesdale, and David Bell who joined from the Co-op Bank after a 40-year career spanning Bank of Scotland and Alliance & Leicester.
Hartop said at the time that “attracting bankers of this quality shows that our appeal is not limited just to clients”.