Tandem Bank

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Tandem Bank Limited
Limited
IndustryBanking, finance
Founded1893
HeadquartersPentonville Road
London, N1
United Kingdom
ProductsFinancial services
OwnerTandem Money Limited
Websitehttps://www.tandem.co.uk/

Tandem Bank Limited is a British bank based in London, wholly owned by Tandem Money Limited. It is focussed on banking through mobile applications,[1] and currently offers a cashback Mastercard credit card and a Mastercard credit card for people with limited credit histories, that can be managed through such an application[2], as well as a range of fixed-term savings accounts.[3] In March 2018, Tandem agreed to acquire Pariti Technologies Limited, developers of the Pariti money management application.[4]

History[edit]

Tandem originates from a business founded by Ricky Knox as a new digital bank that obtained its banking licence in 2015 and subsequently lost it. Tandem subsequently acquired Harrods Bank and renamed it as Tandem Bank, to operate under its existing licence. This allowed the business to continue trading.[5]

As Harrods Bank Limited, prior to its sale to Tandem Money in 2018, the bank catered for high-net-worth (HNW) individuals, and operated from the Harrods store in Knightsbridge. It offered a variety of personal and business current and savings accounts, mortgages, foreign currency and gold bullion trading services.

In 1991, the House of Commons Trade and Industry Committee ordered the Governor of the Bank of England, Sir Robin Leigh-Pemberton, to order the owners of Harrods, Mohamed Al-Fayed, and his brother Ali Al-Fayed, to transfer control of the Harrods Bank to trustees, after they found that the Fayeds were not "fit and proper" to run the bank.[6]

On 7 August 2017, Tandem Money Limited announced a deal to acquire 100% of Harrods Bank Limited shares. The purchase deal closed successfully on 11 January 2018.[7]

See also[edit]

External links[edit]

References[edit]

  1. ^ https://www.tandem.co.uk/features/
  2. ^ https://www.tandem.co.uk/credit-cards
  3. ^ https://www.tandem.co.uk/fixed-saver
  4. ^ https://www.ft.com/content/aebcd3ee-26c6-11e8-b27e-cc62a39d57a0
  5. ^ https://www.ft.com/content/b1499004-0d7f-11e7-b030-768954394623
  6. ^ Bower, Tom (1998). Fayed: The Unauthorized Biography. Macmillan. p. 283. ISBN 978-0-333-74554-0.
  7. ^ Finextra (11 January 2018). "Tandem gets banking licence after closing Harrods Bank acquisition". Finextra.com. Retrieved 12 January 2018.