Bank of London secures up to £50m funding amid HMRC petition

The Bank of London, a clearing bank established three years ago, is in the process of raising up to £50 million in new funding shortly after facing a winding-up petition from HM Revenue & Customs (HMRC) due to unpaid taxes. The bank, which previously attempted to rescue Silicon Valley Bank UK, is reportedly securing this funding from various investors, including Aphorism Holding. Although Nada Hadadi was initially thought to be the main investor, it has been clarified that her contribution is a six-figure sum rather than a larger investment. The winding-up petition was issued against the bank's holding company, but insiders have indicated that the tax liability has now been settled. The situation was described as a result of an administrative delay caused by internal miscommunication, which has since been resolved. The bank communicated with HMRC to address the issue, and updates to the filing are currently in process. In the wake of these developments, Anthony Watson, the founder and CEO of The Bank of London, has announced his resignation from the CEO position to take on a role as a senior adviser and non-executive director of the holding company. This leadership change comes at a critical time as the bank seeks to stabilize its operations and secure the necessary funding. Despite the challenges faced, The Bank of London claims to have built a client base of 4,500 since its inception. However, it faced significant competition last year from HSBC in its efforts to rescue SVB UK, highlighting the competitive landscape in which the bank operates.