Harrods, an upmarket department store owned by Qatari sovereign wealth fund, is reportedly planning to foray into retail banking business.

The company is planning to introduce a standard savings account in 2015, following the mortgage product it launched this year, The Financial Times has reported.

The retail business will be led chief executive Peter Ball, who joined Harrods Bank in January.

The firm is also expected to involve chairman Jeremy Soames, grandson of Winston Churchill, and CFO John Edgar in the venture, who served at Selfridges in the same role.

Till now, Harrods Bank has been focusing (since 1893) on high-end private banking clients.

Harrods Bank recorded a pre-tax loss of £5.4m for the year to January 31 2014 owing to the new management team’s salary and consulting costs.

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