TBOL Holdings UK Limited and its subsidiary The Bank of London Group Limited have published their financial results for the year ended 31 December 2025
TBOL Holdings UK Limited (formally Oplyse Holdings Limited) and its subsidiary The Bank of London Group Limited (collectively, the “Bank” or “Bank of London”) have published their financial results for the year ended 31 December 2025
The 2025 results reflect a pivotal year of critical investment in new management expertise and infrastructure, and decisive actions to address legacy issues and unprofitable operations. 2026 priorities include working closely with the regulator to further strengthen governance and risk controls and establish the strong platform the Bank needs. With significantly enhanced leadership, stronger governance, improved risk controls, strong shareholder support, market-leading technology capabilities, a robust banking platform, a fast growing global addressable market, and as one of the few fully licenced UK clearing banks, Bank of London will be well placed to succeed.
Consolidated Financial Highlights
2025 performance reflects investment in infrastructure and expertise to support the development of the Bank’s capabilities and banking platform.
- Total income up 77% to £6.4 million (2024: £3.6m). This includes interest income earned on funds deposited with the Bank of England less interest paid to customers’, and fees earned from the provision of operating, deposit and safeguarding accounts and payment services.
- Loss of £27.0 million (2024: £46.9million) reflecting significant investment in building the Bank’s capabilities and banking platform, as well as addressing legacy issues and exiting unprofitable operations.
Looking forward, supported by a significantly enhanced management team that is working closely with the regulator, the priority is to continue investing in its governance framework, ensuring effective management and strong risk controls. These, together with the investments made to date, will position Bank of London for the future.
- Significantly enhanced management team with senior leadership experience from some of the largest banks in the world, coupled with specialist regulatory, risk and transformation expertise:
- 2025 appointments include Tony Bullman, Chief Executive Officer, Tom Howie, General Manager and Executive Director, Josh Cogan, Chief Commercial Officer, and Sean Titley as Deputy Chief Risk Officer, prior to his appointment as Chief Risk Officer in 2026.
- 2026 appointments include John Davison, Chief Compliance Officer, Moyra O'Doherty, Chief Operating Officer and Ariel Sergio Davidoff, Non-Executive Director to TBOL Holdings UK Limited. The recruitment process for a new Chief Financial Officer is progressing well, with Conrad O’Donnell currently undertaking the role on an interim basis.
- Looking ahead, the Bank is well positioned to execute its strategic priorities in 2026 and beyond, supported by the Bank’s ultimate parent entity funding of £37 million raised from existing investors since January 2026. Further investment in 2026 and 2027 is planned including a new banking platform and general ledger, enhancements to the Bank’s AML and transaction monitoring platform, and selective investment in AI. These initiatives will deliver the right platform to underpin a high quality, fast growing, and highly profitable bank with industry leading technology.
- Supported by its robust banking platform, which is highly scalable, and as a fully licensed UK clearing bank with a full deposit-taking licence, Bank of London has a significant competitive advantage with which to grow, if it undertakes these important initiatives.
- The Bank’s business model is that of a full-reserve bank, meaning it does not lend and all client monies are held in full and unencumbered at the Bank of England. Accordingly, our revenue is primarily fee based. The Bank earns fees from providing clearing banking and payment services to FinTechs and other non-bank financial institutions and interest bearing safe deposit accounts. This model provides a resilient fee and pure deposit margin based income stream without the cyclical credit risk that is associated with a traditional lending bank.
- The global FinTech and non-bank financial services markets are enormous and accelerating fast as new entrants and innovators increasingly disrupt how traditional banks continue to support their customers using out-dated legacy systems and costly payments systems across the world. As one of the few UK clearing banks with market leading technology capabilities, we firmly believe Bank of London is uniquely positioned to capitalise on this growing demand as the banking platform that FinTechs and other corporate clients can rely on.
- With a significantly enhanced management team, stronger governance, additional investment from existing shareholders, improved risk controls, a technologically leading banking platform, a fast growing global addressable market, and as one of the few UK fully capable licenced clearing banks, Bank of London will be well placed to succeed.
Tony Bullman, Chief Executive Officer said:
"2025 was a pivotal year for Bank of London, as we took important steps to strengthen the foundations of the business and position the Bank for its next phase of development. In a year of major transformation, we significantly enhanced our governance framework and started to build a senior leadership team with the experience required to support disciplined, sustainable growth.
This has continued in 2026 with a further strengthening of our Executive and Board. During the year, we welcomed John Davison as Chief Compliance Officer, Moyra O'Doherty as Chief Operating Officer, and Ariel Sergio Davidoff as a Non-Executive Director to TBOL Holdings UK Limited. These appointments, alongside wider changes across the senior team which include the current search for a new Chief Financial Officer, bring valuable additional financial, regulatory and operational expertise to the Bank and reflect our commitment to building a well-governed, resilient banking business fit for the future.
We also continue to invest in the operational and technology capabilities that will underpin the Bank’s future. This includes further enhancing our operational infrastructure and advanced key technology initiatives, including API capabilities and straight-through processing. We have enhanced our Anti-Money Laundering (“AML”), sanctions screening and transaction monitoring capabilities, including implementation of LexisNexis as our new transaction monitoring system. This is a significant milestone for the Bank, that will strengthen our financial crime compliance capability and support the development of new products and services on our future roadmap.
Looking forward, our focus is on disciplined execution: expanding our service offering, deepening client relationships, continuing targeted investment in our technology platform, and further strengthening our risk management and compliance frameworks as we build a sustainable and profitable bank. The progress made during 2025 and our continued focus over this year and next, will give us a much stronger platform from which to realise the Bank’s full potential.
The global FinTech and non-bank financial services markets are accelerating fast, as new entrants and innovators continue to disrupt how traditional banks support their customers through outdated legacy systems and costly payments systems across the world. As one of the few UK clearing banks with market-leading technology capabilities, the potential demand for our services as the banking platform that FinTechs and other corporate clients can rely on, is quite simply, enormous. It is therefore imperative that, working with the regulator, we succeed in building a bank that can serve this growing demand on a significant scale.
With a significantly enhanced management team, stronger governance, improved risk controls, market-leading technology capabilities, a robust banking platform, a fast-growing global addressable market, and as one of the few UK fully capable licenced clearing banks, Bank of London will be well placed to succeed. Our objective is to deliver precisely this over the coming years.”
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About Bank of London
Founded in 2021, Bank of London is a UK-based clearing bank launched on 30 November 2021, operating as a principal UK clearing bank. It offers an API-based payments and clearing platform, participating in UK Faster Payments and Bacs systems, and provides cloud-native banking infrastructure for corporate and financial clients. Bank of London is authorised by the Bank of England’s Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
For further information, visit www.bankoflondon.com
