Digital challenger bank, Tandem has been given the approval for its takeover of Harrods Bank by the Bank of England.
The takeover provides the licence and capital Tandem needs to become a full-blown bank. Acquiring Harrods Bank, which offers personalised banking services from London’s luxury Harrods department store, will provide Tandem with 10,000 new savings and mortgage customers.
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Just earlier this week it was announced that the former Barclays chief, Bob Diamond was in talks over a £10 million ($13 million) investment in Tandem.
Tandem said the takeover means it can grow faster and accelerate plans to start offering savings accounts.
Ricky Knox, founder and CEO of Tandem Bank, said: “We are now within sight of our goal of acquiring Harrods Bank. 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.”
Tandem expect the deal to be finalised in the next few months and when it has been finalised, the whole business will operate under the Tandem brand.
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