LONDON, Sept 9 (Askume) – A Bank of London spokesman said on Monday the bank had paid all taxes it owed, while British media reported on Saturday that Clearing Bank was in debt due to unpaid dues, a so-called liquidation petition filed by the agency.
According to media reports, tax agency HMRC on Thursday filed a winding-up petition against the bank’s holding company, The Bank of London Group Holdings, a bank spokesperson confirmed.
“London Banking Group Holdings Limited has provided full details of all tax payments to HMRC,” a bank spokesperson said.
“This issue was an administrative delay due to an internal misunderstanding and has now been resolved.”
On Sunday, the London bank said it had raised 42 million pounds ($54.99 million) in August as part of a business growth plan before it became aware of the tax issues.
The London bank was founded in 2021 by former Barclays executive Anthony Watson. The bank holding company’s board includes a number of high-profile figures, including Harvey Schwartz, chief executive of private equity firm Carlyle Group, as group chairman and former Labor government minister Peter Mandelson as deputy chairman.
On 3 September, Watson said he would step down as CEO but remain a senior adviser. Stephen Bell, the bank’s chief risk and compliance officer, took over as chief executive.
Primarily a clearing bank, the bank had customer deposits totalling over £500 million as of August, which it holds with the Bank of England rather than lending out like most banks.
($1 = 0.7638 British pounds)
