Edinburgh private bank Hampden & Co increases deposits and lending
Hampden & Co, the Edinburgh-based private bank, has announced double-digit gains in deposits and lending despite the impact of Covid-19.
The bank, which recently secured a £7 million capital injection from its four cornerstone investors, grew its deposits by £82m in the first half, a year-on-year increase of 24 per cent, while lending was up by £94m, a rise of 61 per cent.
Hampden & Co was founded in 2010, opening for business in 2015 when it became the first new UK private bank launch in quarter of a century. It also has offices in London.
The bank said it had continued to build its client base during lockdown. Overall, income growth during the first half amounted to 16 per cent compared to the same period last year.
A dedicated business unit supporting mortgage intermediaries in the high net worth sector was launched during the first half and the bank is set to expand its range of mortgage services later this month.
The second part of the planned 2020 capital raise will take place in the fourth quarter to support balance sheet growth, with all shareholders having the opportunity to invest on terms expected to be similar to the earlier capital raise.
Chief executive Graeme Hartop said: “The extraordinary circumstances of the last few months have been challenging for all of us, but I’m very pleased with the way we have supported our clients in this environment. Our systems and processes have allowed us to operate effectively throughout lockdown.
“We are continuing to attract new clients who value the bespoke, relationship-driven way we do business, and we will shortly be launching a retirement mortgage product,” he added.