Edinburgh’s Hampden & Co secures £7m capital injection from investors
The funding will support balance sheet growth, costs and regulatory requirements, Hampden said. It is the intention that other shareholders will have the opportunity to invest later in 2020, on similar terms.
Hampden & Co held its annual general meeting this week, when Simon Miler became chairman.
The bank experienced a strong start to 2020 and is said to have been working closely with clients to “mitigate the impact of Covid-19 by providing liquidity and refinancing loans”. It has also experienced an upswing in new clients shifting accounts and loans over from other banks.
Earlier this week, Miller officially took over from Alex Hammond-Chambers as the bank’s chairman. Meanwhile, Finlay Williamson joined the board, with the former Virgin Money chief financial officer also appointed as chair of Hampden & Co’s audit committee.
Graeme Hartop, Hampden & Co chief executive, said: “As we move into our sixth year of trading as a private bank, the continued confidence from our shareholders to support Hampden & Co’s growth and path to profitability demonstrates their commitment to our strategy.
“While we may be working remotely during the outbreak of Covid-19, our experienced team is working closely with clients to mitigate the economic impact and to help them through any challenges faced.”
The bank was founded in 2010, opening for business in 2015 when it became the first new UK private bank launch in quarter of a century.
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