Bank announces £42mn fundraising from investors led by holding company board member
The Bank of London’s board of directors and new management team were unaware of its unpaid debts to UK tax authorities until HM Revenue & Customs filed a petition to wind up its holding company on Thursday, according to three people familiar with the situation.
Board members at the bank’s holding company were meeting supervisors from the Bank of England’s Prudential Regulation Authority to discuss the bank’s governance on Sunday, according to a person briefed on the matter.The HMRC petition could have presented significant challenges for the bank, which Watson launched in 2021 to much fanfare as a competitor to the Big Four UK lenders that dominate the clearing market.
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