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Following rumours that began circulating within London’s fintech community as far back as June, digital-only or so-called ‘challenger’ bank Tandem has announced that it has signed an agreement to acquire Harrods Bank, the banking arm of the U.K.’s most famous luxury department store. Terms of the deal aren’t being disclosed, and the transaction remains subject to regulatory approval.
Under the terms of the agreement, Tandem says it will acquire 100 per cent of Harrods Bank and benefit from around £80 million of capital coming into the business. On completion — and presuming U.K. regulators don’t wave a red flag — Harrods bank will operate under the Tandem brand.
Addition - Tandem - Acquisition - Launch - Savings
In addition, Tandem says the acquisition will accelerate the launch of savings accounts to customers, pegged for before the end of the year. Tandem’s app — which doesn’t yet offer a bank account but instead is a Personal Finance...
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