Hampden & Co, the Edinburgh-based private bank, has confirmed a deal to take on a loan book worth some £30 million from a London wealth manager.
The bank said that is now expected to build its relationship with Smith & Williamson and its client base and to extend the range of banking services available to them.
Earlier this year, Smith & Williamson announced a strategic move to relinquish its banking licence before a £625m merger with financial planner Tilney.
Graeme Hartop, Hampden & Co’s chief executive, said there had been a “significant step-up” in interest from other wealth managers across the UK.
He added: “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, the bank reported 48 per cent year-on-year income growth in its half-year results, with deposits up 39 per cent and lending ahead by 44 per cent. Business growth in 2019 has been supported by Hampden & Co’s push into the mortgage intermediary market, particularly in relation to complex mortgages for high net worth individuals.
The start of 2019 saw the launch of a 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 & Co’s Edinburgh and London offices is now above 100.