Bank of London: Peter Mandelson-backed fintech sees losses widen
The Bank of London’s parent company had made another steep loss in fresh accounts that were delayed for the second consecutive year.
The embattled clearing bank’s parent company, Oplyse Holdings, made a loss of £46.9m in 2024, bringing the firm’s cumulative deficit to £167.7m.
Fresh accounts for Oplyse Holdings – which was formerly known as ‘The Bank of London Group Holdings’ before being renamed in March 2025 – also revealed that the average number of staff employed at the company fell to 122 in 2024, a drop of near 30 per cent from 175 in 2023.
But the firm managed to claw back a positive total equity position – its net worth on paper – reaching £18.1m after investors injected another £65.2m in the year, taking total ivnestment at the year-end to £171m.
Net interest income rose for the year more than doubled to £2.6m, up from £1.1m in 2023, driven from interest earned on customer deposits held at the Bank of England.
The bank underwent a change in ownership and control in late 2024, with a new investor group led by Mangrove Capital Partners taking the helm.
In October 2024, the disgraced Peter Mandelson resigned from his position on the Bank of London’s board following a slew of controversy at the fintech that included a HMRC winding-up petition.
Bank of London’s turmoil continues
The bank’s founder Anthony Watson – who has donated nearly £500,000 to the Labour party and politicians since 2015, was appointed chair of Labour’s “business and enterprise advisory council” in 2016. Watson stepped down as chief executive of the Bank of London in September 2024.
The banking watchdog slapped the fintech and its parent company with a £2m fine in March for “misleading” the regulator and “failing to act with integrity”. It marked the first time the watchdog had taken actions against a firm for failing to conduct its business with integrity and also the first time the regulator has taken enforcement action against a parent financial holding company.
The watchdog’s investigation between 7 October 2021 and 22 May 2024 found that the Bank of London “repeatedly misled the PRA as to their capital positions” including providing several fabricated documents “intended to provide a false picture of the capital position”.
A spokesperson for the Bank of London said at the time: “The bank, its new management and its investors remain committed to an open, transparent and constructive relationship with the PRA and FCA.”