Bank of England agrees on Tandems Harrods Bank takeover

Friday 29 December 2017 11:33 CET | News

Bank of England has given its regulatory approval for the UK challenger bank Tandem’s purchase of Harrods Bank.

Tandem will now have access to a full banking license and the 10,000 customers attached to Harrods Bank, as well as the bank’s mortgage and savings books.

The challenger banks announced in August 2017 the intent to purchase Harrods Bank, subject to regulatory approval from the Bank of Englands Prudential Regulation Authority and the Financial Conduct Authority.

The investment was part of a GBP 35m deal with Fraser Financial Services, which invested the first GBP 6m in December 2016. The cancellation of the second tranche of the deal was attributed to uncertainty over whether China’s State Administration of Foreign Exchange would approve the deal.

The app-led banking service is currently rolling out a travel and cashback card, as well as relaunching construction of its planned savings products from earlier in 2017.

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Keywords: Bank of England, Tandem, Harrods Bank, UK, challenger bank
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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