PRIVATE bank Hampden & Co has seen strong growth in client numbers over the first half of 2023 as it has continued to respond to demand for personalised banking services.
Hampden & Co saw an 8% increase in clients across the first six months, ending the period at more than 5,000, with a sharp rise in referrals from professional partners.
Year-on-year since the first half of 2022, client numbers have risen 13%.
In a sign of continued demand for tailored banking solutions from high-net-worth individuals and families, total lending by the bank has increased 6% year-on-year to £461m.
Total deposits have also risen 6% year-on-year to £773m.
Lending growth was particularly strong for the bank’s retirement mortgage which was up 10% in the first half of the year and up 39% year-on-year.
Retirement mortgages allow people to raise funds against their principal property for a range of purposes, including to manage estate planning in relation to inheritance tax liabilities.
In terms of deposits, clients have continued to reallocate cash from current and call accounts into notice and term accounts to benefit from rising interest rates.
Term deposits were up 44% year-on-year, with notice deposits up 96%.
To continue to meet demand and cater for client growth, Hampden & Co further strengthened its team in the first half of 2023.
Patrick Preece and John Glanville have joined as Banking Directors based in the London office while Mark Plummer joined as the new Head of Private Banking in London.
Graeme Hartop, CEO, Hampden & Co, said: “The UK banking sector continues to experience change and we believe we are very well positioned to increase market share in the private banking sector as well as to meet the needs of underserved high-net-worth customers of High Street banks.
“It is particularly pleasing to see a high number of referrals from other professionals such as wealth managers, solicitors and accountants, as such partnerships are of significant benefit to our mutual clients.”
With offices in Edinburgh and London, Hampden & Co offers a highly personal form of banking to clients across the UK.
