View more on these topics

Harrods Bank bought by Tandem

Harrods

Harrods Bank has been bought by digital bank Tandem as part of a deal that will see the 124-year-old brand disappear.

Tandem will take over Harrods Bank’s lending, current accounts and savings, according to City AM.

The deal will give Tandem a full banking licence.

It is subject to regulatory approval, and Tandem will then review the Harrods Bank products and employees.

The value of the deal has not been disclosed. Harrods has been approached for comment.

In June, Mortgage Strategy revealed that Harrods Bank had stopped taking mortgage applications.

The world-famous department store’s banking arm offers residential mortgages between £1m and £10m and buy-to-let loans between £1m and £5m. It also handles personal loans, savings accounts and gold bullion services.

Recommended

Harrods

Harrods Bank halts new mortgage business amid sale rumours

Harrods Bank has stopped taking mortgage applications for three months, Mortgage Strategy can reveal. The world-famous department store’s banking arm offers residential mortgages between £1m and £10m and buy-to-let loans between £1m and £5m. It also handles personal loans, savings accounts and gold bullion services. A Harrods Bank spokeswoman would not comment on the situation. […]

Together hires Harrods Bank boss as retail chief executive

Together has appointed former Harrods Bank chief executive Peter Ball, as chief executive of its retail division. Before joining Harrods Bank, Ball (pictured) was Virgin Money Group product and commercial director. Together chairman Mike McTighe says: “We are delighted to have Peter on board. His wealth of experience in the financial services industry perfectly complements […]

izard

Investec appoints ex-Harrods Bank intermediaries boss Izard

Former Harrods Bank head of intermediaries Peter Izard has been appointed business development manager at Investec Private Bank. He will oversee the development of Investec’s high-net-worth and professional mortgage offering within the broker market, following the £180m sale of its specialist lending arm, Kensington Mortgages. Izard joins from Harrods Bank, where he had been responsible […]

Life cover for life

When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that waybecause before the arrival of RDR in 2013, that’s more or less exactly what they were. For advisers thinking […]

Newsletter

News and expert analysis straight to your inbox

Sign up