PRIVATE financial institution Hampden & Co has seen sturdy progress in consumer numbers over the primary half of 2023 because it has continued to reply to demand for personalised banking companies.
Hampden & Co noticed an 8% improve in purchasers throughout the primary six months, ending the interval at greater than 5,000, with a pointy rise in referrals from skilled companions.
Yr-on-year for the reason that first half of 2022, consumer numbers have risen 13%.
In an indication of continued demand for tailor-made banking options from high-net-worth people and households, whole lending by the financial institution has elevated 6% year-on-year to £461m.
Whole deposits have additionally risen 6% year-on-year to £773m.
Lending progress was significantly sturdy for the financial institution’s retirement mortgage which was up 10% within the first half of the 12 months and up 39% year-on-year.
Retirement mortgages permit folks to lift funds in opposition to their principal property for a variety of functions, together with to handle property planning in relation to inheritance tax liabilities.
When it comes to deposits, purchasers have continued to reallocate money from present and name accounts into discover and time period accounts to profit from rising rates of interest.
Time period deposits have been up 44% year-on-year, with discover deposits up 96%.
To proceed to satisfy demand and cater for consumer progress, Hampden & Co additional strengthened its workforce within the first half of 2023.
Patrick Preece and John Glanville have joined as Banking Administrators primarily based within the London workplace whereas Mark Plummer joined as the brand new Head of Non-public Banking in London.
Graeme Hartop, CEO, Hampden & Co, mentioned: “The UK banking sector continues to expertise change and we imagine we’re very effectively positioned to extend market share within the personal banking sector in addition to to satisfy the wants of underserved high-net-worth clients of Excessive Avenue banks.
“It’s significantly pleasing to see a excessive variety of referrals from different professionals corresponding to wealth managers, solicitors and accountants, as such partnerships are of serious profit to our mutual purchasers.”
With workplaces in Edinburgh and London, Hampden & Co affords a extremely private type of banking to purchasers throughout the UK.