Matthew Wyles, chief executive of HTB, will remain CEO of the combined business while HTB’s Tim Blackwell will continue as Chief Financial Officer. Some 115 employees of Wesleyan Bank will be transferred and continue to work from Wesleyan Bank’s existing offices.
Wesleyan Bank is part of Wesleyan Group and offers a range of banking services including mortgages, savings and deposits. It also offers commercial loans to small businesses and professional services.
Wyles 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.”
Mario Mazzocchi, group chief executive of Wesleyan, said seeking new ownership for the bank made strategic sense, as the growth potential moved away from the group’s core business.
He added: “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.”