Latest news with #BankOfLondon
Finextra
01-07-2025
- Business
- Finextra
The Bank of London appoints new CFO and CTO
Bank of London is pleased to announce the appointment of two highly experienced and respected industry leaders to its executive team: Tony Bullman as Chief Financial Officer (CFO) and Tom Howie as Chief Transformation Officer (CTO). 0 Tony Bullman has joined Bank of London as CFO from UBS where he was CFO of the Non-Core and Legacy Division. A Chartered Accountant and Fellow of the Association of Corporate Treasurers, Tony's experience spans 40 years in financial services across a number of European Banks including ABN AMRO, Deutsche Bank, Credit Suisse and UBS. He recently completed an MSc in Data Science and Financial Technology. Tom Howie has joined Bank of London as CTO, where he will leverage 30-years' experience of leading corporate transformation agendas while implementing new organisational capabilities, cultural change initiatives and operational turnarounds. With a Masters degree from Oxford University, Tom brings a wealth of experience from his most recent role as Chief Operational Officer at HSBC. Prior to HSBC Tom held senior positions at Standard Chartered Bank and BT Group. Tony Bullman commented: 'The Bank of London's ambition to redefine the financial services landscape is both timely and compelling, particularly as the pace of industry change continues to accelerate. Focusing on sustainable delivery, regulatory excellence, and long-term value creation, I'm excited to leverage my experience in large financial institutions to help Bank of London achieve its goals and bring much-needed competition to the UK's wholesale banking market.' Tom Howie commented: 'Transformation is about more than just systems- it's about people, culture and purpose. The Bank of London has a bold vision for the future of clearing, settlement and payments. I'm looking forward to helping lead the transformation that will turn that vision into reality.' Christopher Horne, CEO, Bank of London said: 'The Bank's ability to attract such high calibre leaders as Tony and Tom demonstrates the scale of opportunity we have, to challenge the incumbents and bring modern, cost-effective and client-centric solutions to UK wholesale banking. We are putting in place a truly exceptional team which committed to a shared vision, and the potential is exciting.' These appointments are part of a broader transformation strategy backed by over £75m of investment and committed funding led by Mangrove Capital Partners. Under Christopher's leadership, the Bank is focused on operational excellence, digital innovation, and redefining the future of financial services.
The Guardian
14-05-2025
- Business
- The Guardian
‘Significant doubt' revealed over Bank of London's ability to keep operating
The Bank of London, the fledgling clearing bank formerly backed by Peter Mandelson, has revealed it is under investigation by UK regulators, with auditors saying the fallout could throw 'significant doubt' over its ability to keep operating. The news is a fresh blow for the troubled fintech, which has lost its founder and leading board members, including Lord Mandelson and US private equity boss Harvey Schwartz, and cut half its workforce since being thrust into the spotlight in September over an embarrassing winding-up petition by the UK tax authority over unpaid debts. The Bank of London (BoL) accounts, filed seven months late, now reveal that it is under investigation by the Bank of England's regulatory arm, the Prudential Regulation Authority (PRA), over potential breaches that pre-date the autumn debacle. 'The firm has been notified by the PRA that it is under investigation in relation to certain historical matters that occurred prior to the change in ownership of the group,' accounts filed at Companies House said. A Jersey-based firm, now known as Fellesskap Group & Holdings, took over as its parent company in May 2024. BoL said it was too early to say how much money it may have to put aside to deal with the continuing investigation. It said it was cooperating with the PRA and had launched its own internal investigation 'into the matters in question'. The revelations came as the bank reported a £12m loss for 2023, in accounts for which auditors at EY would only give qualified support, in part owing to 'inadequate historical records' over a share option plan for staff. Auditors are now concerned about the bank's ability to keep operating. EY said there were questions over the potential fallout of the regulatory investigation and whether the company would be able to raise adequate funding in future. 'There are material uncertainties relating to events or conditions that … may cast significant doubt on the company's ability to continue as a going concern,' the accounts said. As a clearing bank, the BoL does not offer loans but provides clearing and settlement services for business customers, providing the plumbing that allows transactions and payments to take place. It became only the second clearing bank to enter the UK market in 250 years when it launched in 2021, with an aim of disrupting the big four – NatWest, Lloyds, Barclays and HSBC – which have a stronghold on this part of the UK financial system. BoL was valued at $1.1bn (£826m) in 2023 and was previously known for its ties to the Labour party. Its founder, the former Barclays executive Anthony Watson, served on the party's business and enterprise advisory council before last summer's general election, while Mandelson, now Britain's ambassador to the US, served on the board as BoL's deputy chair before stepping down last year.
Times
14-05-2025
- Business
- Times
Bank of London under investigation by City regulator
A troubled start-up clearing bank that until last year had ties with Lord Mandelson has revealed that it is being investigated by the City regulator and sounded a warning about its finances. Bank of London, which claimed it had a valuation of more than $1 billion when it launched four years ago, disclosed in its delayed accounts for 2023 that the Bank of England's Prudential Regulation Authority was investigating 'certain historical matters' at the business. It also said that it was the subject of separate 'enhanced regulatory supervision' by the PRA because of shortcomings including in its financial and regulatory reporting. Furthermore, problems assessing a share option scheme for staff meant EY, its external auditor, gave only a 'qualified' opinion of the accounts. It comes
Telegraph
14-05-2025
- Business
- Telegraph
Bank founded by Labour donor investigated after year of chaos
A spokesman for the Bank of London said: 'These accounts relate to a financial year in which the bank operated under entirely different leadership.' Bank requires 'immediate additional capital' Since last year's turmoil, the bank has secured £57m from its main investor, Mangrove Capital. It has also appointed a new board and chief executive, with Christopher Horne, a former Credit Suisse director, tasked with leading the business. In its latest accounts, filed seven months late, the Bank of London reported it had fallen to a £12.4m loss in the year to December 2023. It also highlighted how it ran low on cash in early 2024, claiming the bank 'required immediate additional capital'. Bosses have since launched a restructuring of the business, which has resulted in the departure of more than 100 staff. Tensions over the Bank of London first emerged in September 2024 when it was hit with a winding-up petition from HMRC, one of the most serious actions a creditor can take. The filing took the bank unawares, which insisted it resulted from a 'simple administrative handling delay'. The petition was later withdrawn. Prior to his departure, the Bank of London had raised tens of millions of pounds under Mr Watson, a former Nike and Barclays executive. Mr Watson was also known for donating hundreds of thousands of pounds to Labour Party MPs, including Yvette Cooper, Peter Kyle and Wes Streeting. The latest results also revealed that EY, the bank's auditor, warned of a 'material uncertainty' hanging over the company's ability to continue as a going concern. It said it had uncovered that hundreds of thousands of pounds of revenue were wrongly accounted for, and flagged risks relating to the bank's financial controls. The bank also reported that 'inadequate record keeping' had left it unable to verify the accuracy of its share-based payments scheme, which was now being reviewed by the board. A Bank of London spokesman said: 'Under new ownership and with new leadership – and having secured £57m of Mangrove Capital-led funding and with a commitment of a further £25m – the bank has embarked on a comprehensive transformation. 'This transformation has seen the bank's governance greatly strengthened with a reconstituted board designed for robust oversight and strategic leadership.' Mr Watson was contacted for comment.
