Harrods Bank up for sale
UK-based high-end department store Harrods is to sell its banking business, Harrods Bank, according to Sky News.
The bank has been ramping up losses over the years – in 2015 its losses were £4.9 million, and in 2016 they grew to £8.4 million.
According to the bank, this was “driven by the emphasis in 2015 on both enhancement of operational capabilities as well as building and maintaining a stable liquidity base to support future lending activities”.
The bank went through a succession of senior management replacements, including on the technology side. Its current CIO is Simon Bateman (joined in March 2016) and CEO is Mark Stephens (joined in November 2016), both ex-Aldermore Bank.
It also attempted a number of technology modernisation initiatives, with varying degrees of success. The latest (and ongoing) one is the implementation of a new core banking system, Temenos’ T24.
The bank offers savings accounts and mortgages, as well as a range of gold bullion services to affluent customers.
Harrods is owned by Qatar Holding, which purchased the business from Mohamed Al Fayed in 2010 for around £1.5 billion.