Weatherbys Private Bank sets sights on Scottish growth as industry heavyweight is appointed

Weatherbys Private Bank is continuing with its ambitious plans to grow its business in Scotland following the appointment of Douglas Noble as senior adviser.

The appointment comes 18 months after the bank opened its Edinburgh office and at a time when it is growing at a faster rate in Scotland than in the rest of the UK.

The firm, which is part of the racing-focused Weatherbys group, launched in 2006 and has since seen total deposits hit £600 million.

It said it has now set a target of doubling overall business north of the border in the next five years.

The seventh-generation private bank said Mr Noble, who has a career spanning over 40 years, was “one of the most qualified private bankers in the industry”.

A lawyer by training, he spent a large part of his career with Bank of Scotland where he was responsible for launching its first private banking operation.

Following the creation of HBOS, he was responsible for implementing the existing private banking model he created within BoS across the enlarged HBOS Group.

After 25 years he left to join Adam & Co where he successfully launched its private banking office in Aberdeen.

Other roles include building Barclays Wealth’s Private Banking operation in Scotland, which he headed, and most recently working at Brown Shipley to develop their Private Banking operation in Scotland, with a particular focus on Lending and building lending teams in each of the five Brown Shipley offices.

The bank’s head of Scottish operations, Duncan Gourlay, who leads Weatherby’s five staff at its office in Edinburgh, described Mr Noble as “somebody that’s well-known in the marketplace”.

Roger Weatherby, chief executive, Weatherbys Private Bank, said: “Douglas’ appointment sends a strong signal about our serious intentions to develop and grow our business in Scotland. Weatherbys Private Bank is seeking strong growth which could see its client base, profits and loan book double over the next five years and expects these new clients will come from a broad range of backgrounds and careers.”

Weatherbys said its current growth has been driven by its traditional private-banking offering, including a close focus on clients.

It also noted that it is investing heavily in technology such as mobile banking and apps, alongside traditional services, and is seeing a lot of potential for lending to clients into retirement, and investment.

Weatherby’s depute head of private banking, Quentin Marshall, said the bank’s five-year growth projection is based on metrics such as deposits having grown by 20 per cent a year, and stressed that it sees its pace of growth as “prudent and sensible — and will still leave us very much as a specialist private bank”.

He said that while he did not rule out increasing the bank’s physical presence, expanding its coverage remains the priority.

Head of Scottish operations, Duncan Gourlay, added: “Overall, we’re continuing to take on new clients in Scotland, we’re seeing strong growth across the country and for us it’s about providing the traditional private banking service that clients are looking for.”