Tandem has now completed the purchase of Harrods Bank following regulatory approval by the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA).
Tandem first signed an agreement to take over Harrods Bank in August 2017. The deal has given Tandem group a banking licence, £80 million ($110 million) of capital and access to all Harrods Bank customers. Furthermore, it brings a £375 million mortgage book and over £400 million of deposits.
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The app-led banking service allows its customers to view all of their financial information on one platform and helps them handle and save money.
Ricky Knox, CEO of Tandem, said: “Building a good bank is incredibly important to us. And the acquisition of Harrods Bank means we can now confidently develop innovative services in line with our mission to make our customers’ lives richer.
“With our new banking licence, our banking app and our fast-growing range of services, 2018 is going to be a great year for Tandem.”
Knox also confirmed that Tandem has held talks with former Barclays chief Bob Diamond about taking a possible stake, however, he is yet to do so.
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By GlobalDataThe Harrods Bank brand will be retired immediately, but Tandem has stressed that Harrods customers’ accounts won’t be affected and all account numbers will remain the same.
