Tandem Bank acquires consumer lender Oplo

The business combination will create a complementary consumer lending platform. The acquisition will broaden Tandem’s product offering across a range of consumer lending products including first and second charge mortgages, home improvement loans, car finance and personal lending – building on the combined lending capabilities of both Oplo and Tandem.

Tandem will build on its existing savings franchise to enhance its range of savings products and deliver cost effective funding for the combined business. Operating under the Tandem brand, the enlarged bank will use Tandem’s existing savings, mortgage and climate-friendly home improvement lending products to offer customers greener financial choices and to build on Oplo’s expertise in lending to offer customers fairer financial choices, focused on the estimated 26 million ‘new mainstream’ customers whose lending needs are underserved by the traditional high street banks.