Demand for personalised banking and bespoke lending were some of the factors that drove growth
Hampden & Co, a private bank, has reported seeing an increase in its new client numbers for the financial year 2023.
The bank had a total of 5,598 new clients, which was a 19% increase from the previous year. The factors that affected the growth in clients were the demands for a more personalised approach in banking and bespoke lending following introductions from existing clients, professional advisers and mortgage brokers, and clients who came from other high street banks.
“Our accessible and personalised approach to banking is valued by our existing clients and has attracted many new clients,” said CEO Graeme Hartop. “It shows that many people, including high-net-worth and affluent customers of high street lenders, appreciate the benefits of relationship banking.”
It was also found that the business introduced by mortgage brokers saw a 39% increase, which was twice the amount seen in the previous year, which amounted to a 16% increase. The growth was driven by a strong demand for complex loans that had high value following the stabilisation of interest rates. Retirement interest-only mortgages held at £8.7 million yearover year, while self-build mortgages increased by 14%.
“In an environment where interest rate rises have encouraged people to use savings to pay down debt, the bank grew both deposits and lending in 2023,” said Hartop.
“The high volume of referrals from other advisers, including wealth managers, solicitors, accountants and mortgage brokers was further positive endorsement of the bank, our staff and our ability to work in partnership with these other professionals.”
In 2023, the firm also hired Mark Plummer as its head of private banking - London, Patrick Preece as banking director - London, and Claire Mann as head of client propositions. It appointed Martin Hillyer as intermediary relationship director, as it invested further in its mortgage intermediary team.
