Tandem Bank

Tandem Bank Limited
Limited
Industry Banking, finance
Founded 1893
Headquarters Pentonville Road
London, N1
United Kingdom
Products Financial services
Owner Tandem Money Limited
Website https://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 is currently accepting applications for a cashback Mastercard credit card that can be managed through such an application.[2] In March 2018, Tandem agreed to acquire Pariti Technologies Limited, developers of the Pariti money management application.[3] It has also announced plans to offer a savings account in the near future.[4]

History

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.[5]

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.[6]

See also

References

  1. ↑ https://www.tandem.co.uk/features/
  2. ↑ https://www.tandem.co.uk/credit-card/
  3. ↑ https://www.ft.com/content/aebcd3ee-26c6-11e8-b27e-cc62a39d57a0
  4. ↑ https://techcrunch.com/2018/02/20/tandem-credit-card/
  5. ↑ Bower, Tom (1998). Fayed: The Unauthorized Biography. Macmillan. p. 283. ISBN 978-0-333-74554-0.
  6. ↑ Finextra (11 January 2018). "Tandem gets banking licence after closing Harrods Bank acquisition". Finextra.com. Retrieved 12 January 2018.


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