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Tandem's acquisition of Harrods Bank, the banking arm of UK department store, is approved by regulators

Tandem's acquisition of Harrods Bank, the banking arm of UK department store, is approved by regulators
From TechCrunch - December 20, 2017

Back in August, challenger bank Tandem said that it had signed an agreement to acquire Harrods Bank, the banking arm of the U.K.s most famous luxury department store, subject to regulatory approval. Today, the startup bank is announcing that it has now received the go-ahead from the Prudential Regulation Authority, a division of the Bank of England, and the Financial Conduct Authority, the two relevant U.K. regulators.

Tandem says this brings the deal much closer to completion, and when it does complete will give it access to a full banking licence. In addition, Tandem will gain 10,000 Harrods bank customers, Harrods Banks mortgage and savings books, as well as a significant capital injection.

Under the agreement, for which financial terms arent being disclosed, Tandem will acquire 100 percent of Harrods Bank, and has previously said it will benefit from around 80 million of capital coming into the business. At the time of the announcement, a spokesperson for the challenger bank said the 80m of capital is made up of the capital within Harrods Bank, as well as some additional investment from new and existing shareholders.

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