On the back of increased business post-Brexit and just weeks after opening its new Edinburgh office, Weatherbys Private Bank has committed to another hire before the year is out.
The seventh generation, family-run company recently reported pre-tax profits of GBP7.53 million for 2015, up 22 per cent on 2014’s figures.
In May, the bank moved into Rutland Square, where the business is headed by Duncan Gourlay who joined in 2013 to oversee its expansion in Scotland.
Gourlay says: “After a cautious entry into the highly competitive Scottish market, I am pleased to report that our distinctive private banking offer
has allowed us to stand out from our peers.
“Our safe balance sheet and competitive interest rates have attracted deposits from many clients. On lending, we’ve had a flurry of interest following Brexit from overseas buyers as they join us to invest in Scotland. To cope with burgeoning demand, we plan to grow our team as we accelerate the business.”
Weatherbys, one of only two remaining family owned and managed banks active in the UK, offers a full private banking service including current accounts, deposits lending and foreign exchange.
In the past five years, the bank’s lending across the UK has grown by 160 per cent with a compound growth rate of 21 per cent. Whilst some banks won’t lend to clients over 70 years old, there is no upper age limit for lending at Weatherbys and it also offers free financial health checks.
Gourlay adds: “In addition, our expanding domestic client base of landowners and assorted high-net-worth individuals continue to tell us that they’re looking for an uncomplicated transactional banking service coupled with exemplary levels of dedicated, personal service.
“Weatherbys may be a traditional business imbued with family values of careful stewardship that appeal to our Scottish client base, but we’re also not shy of challenging the status quo when necessary. Given it took nearly 235 years for Weatherbys to move into private banking, expanding into Scotland a decade later is pretty quick work, and the board is hugely buoyed by the potential north of the border.”
The Scottish business has grown through client referrals and intermediary introductions. Clients are required to have a net worth of GBP3 million or an annual income in excess of GBP300,000.
Gourlay has held director roles at Barclays Wealth, Adam and Company, and Bank of Scotland. His number two at Rutland Square is Graeme Buchanan, a former private banker at Bank of Scotland.
Hayley Robinson joined this year from Bank of Scotland as a private banking executive to provide support to the swiftly growing client base in Scotland.
Weatherbys Private Bank launched in 2006 and is now in its second phase of growth, which includes additional services the bank offers, such as low cost and effective investment strategies.