Arbuthnot still expanding at a steady pace

Tim Wallace
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PRIVATE BANK Arbuthnot Latham expanded loans and deposits in a “controlled manner” in the third quarter, according to its trading update published yesterday, allowing it to take on more staff including a new head of private banking.

The group prides itself on keeping traditional banking standards, allowing it to avoid the excesses of the boom years and keep growing.

Its retail arm Secure Trust also recorded growth, raising £36m in deposits in early August.

The group is working on its Funding for Lending scheme (FLS) application to take advantage of the cheap funds on offer from the Bank of England. But it received some drag from unfounded PPI claims.

“Secure Trust Bank is being inundated with entirely spurious claims originated by claims management companies,” the update said.

“The operational impact of having to response to huge volumes of baseless claims is an unwelcome distraction.”