Wesleyan provides a range of personal savings accounts and ISAs as well as specialist business funding solutions. Credit: Senjin Pojskić from Pixabay.

British specialist lender Hampshire Trust Bank (HTB) has signed a deal to buy Wesleyan Bank from the financial services mutual Wesleyan Assurance Society.

The deal, whose financial terms have not been disclosed, is expected to close in the coming months.

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Wesleyan provides a range of personal savings accounts and ISAs as well as specialist business funding solutions.

As part of the acquisition, 115 employees of Wesleyan will join HTB. They will continue to work from the bank’s existing offices.

The combined business will be led by HTB chief executive Matthew Wyles as CEO with Tim Blackwell as CFO.

Commenting on the deal, 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 and we are excited about the added scale and momentum which this transaction will bring to HTB’s existing dynamic franchise.”

Wesleyan Group CEO Mario Mazzocchi said that the group decided to offload the Wesleyan Bank following a strategic review which found its growth opportunities were different to those of the group’s core business.

Mazzocchi said: “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.”

Founded in 1977, Hampshire Trust Bank offers savings, asset finance, property finance, and specialist mortgage services.

In 2018, the bank partnered with software provider MatsSoft to upgrade its digital infrastructure.