Hampden raises £7m on path to profitability
Graeme Hartop: continued growth
Hampden & Co, the Edinburgh-based private bank, has secured £7 million in additional capital from its four cornerstone investors.
The funding will support balance sheet growth, costs and regulatory requirements.
It is the intention that other shareholders will have the opportunity to invest later this year on similar terms.
The bank held its AGM this week, when Simon Miller became chairman, succeeding Alex Hammond-Chambers..
Finlay Williamson joined the board, with the former Virgin Money CFO also appointed as chairman of the audit committee.
Hampden & Co experienced a strong start to 2020 and has been working closely with clients to mitigate the impact of Covid-19 by providing liquidity and refinancing loans.
The bank has also experienced an upswing in new clients who are migrating accounts and loans to Hampden & Co from other banks. This follows a strong 2019 when income grew 36% to £8.7m, client deposits increased by 53% to £409.4m and client lending increased by 54% to £203.8m.
Graeme Hartop, Hampden & Co CEO, said: “As we move into our sixth year of trading as a private bank, the continued confidence from our shareholders to support Hampden & Co’s growth and path to profitability demonstrates their commitment to our strategy.
“While we may be working remotely during the outbreak of Covid-19, our experienced team is working closely with clients to mitigate the economic impact and to help them through any challenges faced.”