UK: Tandem gains approval to takeover Harrods Bank

Fintech Tandem Bank’s takeover of Harrods Bank has been approved by the Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority.

Tandem will acquire 100% of the Harrods Bank business, including the full Harrods Banks mortgage and savings books.

The move also puts Tandem Bank back on track to regain a full banking licence, which Tandem lost in early 2017 after investor funding from Sanpower fell through.

Ricky Knox, founder and CEO of Tandem Bank, said: “This acquisition will transform Tandem into one of the UK’s leading digital challenger banks with a fast-growing range of products, and a genuine commitment to build a good bank”.

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