C Hoare & Co, the oldest privately-owned bank in the UK, will establish its first office outside London since it was founded in 1672.
The new branch in Cambridge will be based in refurbished Georgian Manor House Milton Hall, with the aim of attracting new customers in the area and enhancing service for the bank’s existing clients.
The decision to create a footprint in the region follows a generational handover at the business last year. In May 2018 it said it would integrate ‘millennial thinking’ into its strategy, as then 32 year-old head of philanthropy Rennie Hoare was promoted to partner.
He said at the time: ‘My approach will be to learn as much as I can from the century of banking experience that the other 11th-generation partners have.
‘And where I can, I will look to add or develop something completely new.’
It will at first be staffed by two employees: senior private banker and tax department head Peter Gale and relationship manager Ellie Newell.
The partners of C. Hoare & Co said the new office represents ‘a natural springboard from which to expand our regional footprint’ as it allows them to leverage their offering for entrepreneurs, with Cambridge establishing itself as a hub for young businesses in the science and technology sectors.
They added: ‘More broadly, we also look forward to building new customer relationships with some of the region’s large agricultural businesses and estates, an area in which we also have a strong heritage.
‘It is an exciting opportunity for us to grow our presence over the longer-term and look forward to further strengthening relationships with new and existing clients in Cambridge and the surrounding area.’
In September the bank appointed former head of Barclays' personal banking and Barclaycard units Steven Cooper as its new chief executive, replacing David Green.