Wesleyan has reached an agreement to sell Wesleyan Bank to Hampshire Trust Bank plc (HTB) for an undisclosed sum, subject to regulatory approval.
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.
“I would like to thank Wesleyan Bank CEO Andrew D’Arcy and all of his team for their hard work over the years and wish both them and HTB every success in the future.
“I also wish to thank all of our Wesleyan Bank customers for their ongoing support of our business. Many of them will remain Wesleyan customers through our advice business after the sale and we look forward to continuing to meet their financial needs long into the future.”
Matthew Wyles, HTB’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.”
Stephens acted as financial adviser to Wesleyan on the transaction with Pinsent Masons providing legal services.
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