Bank of London Catches Up on Tax Payments After ‘Internal Miscommunication’

The Bank of London reportedly said Monday (Sept. 9) that it paid all its taxes after internal miscommunication caused a delay.

The bank’s statement followed media reports on Saturday (Sept. 7), confirmed by a Bank of London spokesperson, that the bank received a notice from U.K. tax authorities that it had unpaid sums due, Reuters reported Monday.

“The Bank of London Group Holdings Limited is fully up to date with all tax payments to HMRC,” the bank’s spokesperson said, referring to the tax authority. “The issue was due to a simple administrative handling delay caused by an internal miscommunication, which has been addressed.”

This news comes a day after the Bank of London said it raised 42 million pounds (about $55 million) in a funding round in August.

The bank will use the new funding to position itself for its next phase of growth in the U.K. market, it said in a Sunday (Sept. 8) press release.

Stephen Bell, who was recently appointed CEO of the Bank of London, said in the release that businesses with deposits at the bank have “full confidence in their funds being available at all times” because the Bank of London holds deposits at the Bank of England.

“Our success in completing this £42 million funding round underscores investor belief and confidence in our vision, and I am excited to take over leadership of The Bank of London as it continues to grow,” Bell said.

Customer deposits have more than doubled since the start of 2024, passing 500 million pounds ($655 million) in August, and are on course to top 1 billion pounds ($1.3 billion) by the end of the year, according to the release.

The bank’s funding round was led by Mangrove Capital Partners, per the release.

“The bank is well-positioned to redefine the future of financial services and we are more than happy to support it,” Mark Tluszcz, CEO of Mangrove Capital Partners, said in the release.

Clearing banks like the Bank of London aim to remove frictions from real-time cross-border transactions in the same way domestic real-time payments have been simplified, according to the PYMNTS Intelligence and The Clearing House collaboration, “Real-Time Payments In Review: 12 Ideas From 2022.”