Weatherbys Private Bank doubles size of Scottish office

The firm said it had made the decision to increase its footprint north of the border following three years of growth since it first opened an office in the capital’s Rutland Place.

Weatherby’s said its new premises will be on the same street with six new full time members of staff already recruited and two more budgeted for.

Two local board members have also been recently recruited as the lender reacts to business numbers doubling across all metrics, namely deposits, lending, investments and client numbers.

As an independent bank, Weatherbys, which is headquartered in Wellingborough, Northamptonshire, said it can choose to take a conservative approach to its balance sheet.

This not only allowed it to came through the 2008 crisis unscathed, but it says it has thrived as a result of attracting clients attracted by a “sensibly conservative and cautious approach to banking”.

Free from corporate constraints, the bank says its approach to banking – which is describes as “treating clients as individuals, being responsive, reliable, flexible, forward looking and keeping things simple and straightforward” – is paying dividends.

This year Weatherbys reported pre-tax profits of £5.7m (2016: £6.8m which included a gain of £1.1m from the disposal of the bank’s shares in Visa Europe).

The total assets of the group increased by 20 per cent to £759m (2016: £635m), this represents a continuation of the sustained growth which has seen assets double since 2013.

Customer lending balances have grown by 18 per cent to £388m (2016: £327m) with a loan-to-deposit ratio of 55 per cent (2016: 56 per cent).

Lending has grown by 160 per cent in the last five years and at 21 per cent per annum since 2010.

Client deposit balances have reached £709m, a 21 per cent increase during the year (2016: £587m).

Among those appointed to its advisory board is Jacqui Low, executive chairman of Edinburgh-based communications company Indigo, as well as chair of Partick Thistle football club.

She was Scotland’s first female special adviser and has held a number of board appointments, including as vice-chairman of health information service NHS 24 and serving two terms on the council of CBI Scotland.