Bob Diamond weighs £10 million stake in Tandem
18 December 2017 | 6668 views | 0
Former Barclays boss Bob Diamond is reportedly eyeing a potential £10 million investment in UK challanger bank Tandem.
According to Sky News, Diamond's private equity business Atlas Merchant Capital (AMC) is in discussions about buying a stake in Tandem, which plans to move into the UK banking market by acquiring loss-making Harrods Bank.
Citing 'sources close to the discussions' Sky says the talks between AMC and Tandem are "very precarious", with the private equity house seeking a bigger deal than the £10 million on the table.
Diamond, once seen as a poster boy for UK banking excess, has yet to make any fintech investments since resigning as Barclays chief executive in the wake of the Libor rigging scandal in 2012.
This makes him the odd one out of other big hitters from Barclays' investment banking heyday, such as Rich Ricci and Anthony Jenkins, who have taken an active interest in the emerging fintech ecosystem since departing from the bank.
Tandem's audacious bid to buy Harrod's Bank came just months after the startup appeared to pivot from its original plans to launch a fully-licensed UK bank after losing out on a £29 million investment from Sanpower, the Chinese conglomerate which owns House of Fraser.