The parent company of The Bank of London has reported another significant loss in recently delayed accounts for the second year in a row.
The parent company of the struggling clearing bank, Oplyse Holdings, incurred a loss of £46.9m in 2024, bringing the company’s total deficit to £167.7m.
The new accounts for Oplyse Holdings – previously known as ‘The Bank of London Group Holdings’ before being renamed in March 2025 – also showed that the average number of employees at the company decreased to 122 in 2024, a reduction of nearly 30 percent from 175 in 2023.
However, the company managed to achieve a positive total equity position – its net worth on paper – reaching £18.1m after investors contributed an additional £65.2m during the year, bringing the total investment at the year-end to £171m.
Net interest income for the year more than doubled to £2.6m, up from £1.1m in 2023, driven by interest earned on customer deposits held at the Bank of England.
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The bank experienced a change in ownership and control in late 2024, with a new investor group led by Mangrove Capital Partners assuming leadership.
In October 2024, the disgraced Peter Mandelson resigned from his position on the Bank of London’s board following a series of controversies at the fintech, including an HMRC winding-up petition.
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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 imposed a £2m fine on the fintech and its parent company in March for “misleading” the regulator and “failing to act with integrity.” It was the first time the watchdog took action against a firm for failing to conduct its business with integrity and also the first time enforcement action was taken 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 about their capital positions,” including providing several fabricated documents “intended to present a false picture of the capital position.”
A spokesperson for the Bank of London stated 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.”
Crime & Courts Correspondent
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