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.