Smith & Williamson transfers portfolio loan book to Hampden & Co
- Smith & Williamson previously announced strategic move to relinquish banking licence
- Transfer expected to complete later this year
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%.