Hampshire Trust Bank, the specialist lender, has agreed to acquire 100% of Wesleyan Bank Limited from Wesleyan Assurance Society, the financial services mutual. This is subject to regulatory approval, it is expected that the deal will be completed during the next few months.
Matthew Wyles will lead the combined business at CEO, with Tim Blackwell as CFO. 115 employees of Wesleyan Bank will transfer with the bank as part of the acquisition, and will continue working from the existing offices of the bank.
Matthew Wyles, pictured, Hampshire Trust Bank’s Chief Executive said: “HTB’s growth strategy has always included an intention to supplement our development through acquisition when the right opportunity presented itself.
We are very pleased to have agreed this deal with Wesleyan Assurance Society and we are excited about the added scale and momentum which this transaction will bring to HTB’s existing dynamic franchise.
HTB delivered a very strong trading performance during the first half of 2021 and we look to the future with great confidence.”
Wesleyan Group Chief Executive Mario Mazzocchi said: “Wesleyan Bank has been enjoying considerable success in recent years as it focuses on supporting its professional and SME customers with medium-term asset finance and longer-term secured loans.
Following a strategic review, we found the growth opportunities ahead of the Bank were different to those of our core business, which will continue to focus on the specialist financial needs of doctors, dentists and teachers.
Seeking new ownership for the Bank provides positive outcomes for both businesses, their customers as well as our members and makes strategic sense for all parties.”
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