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Tandem Bank acquires Bank and Client mortgage book

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  • 08/02/2021
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Tandem Bank acquires Bank and Client mortgage book
Tandem Bank has purchased Bank and Client’s mortgage book for £100m, almost two years after Bank and Client withdrew from the mortgage market.

 

Bank and Client announced it was pulling its mortgage products in April 2019. Al Ahli Bank of Kuwait then signed a contract to purchase the bank for an undisclosed sum in January the following year. 

By December, the purchase deal had still not been finalised and Bank and Client announced it would no longer offer mortgages or savings. 

Tandem Bank will service the mortgages of 300 borrowers through this acquisition and customers will not be required to do anything in the handover process which completes on 22 February. 

Tandem Bank is an app-based bank which launched in 2016. It offers mortgages, savings accounts and green loans to help customers make eco-friendly changes.

Last year, it acquired green lender Allium Lending Group as part of a £60m fundraising deal.

Paul Noble, chief commercial officer at Tandem Bank, said: “We are pleased to welcome our new customers to Tandem Bank and look forward to giving them the first class Tandem service. In 2020, we committed to becoming the UK’s first good green bank and our mortgage offering will be a huge part of that.  

We are excited to onboard our new customers and look forward to continuing with our green journey with a wide range of green products and services expected in the coming months.” 

 

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