Private equity banking
start-up NBNK has confirmed that it has lodged a second round bid
for the 632 Lloyds Banking Group branches being sold by the UK’s
largest retail bank.
In a statement released
on 29 September, NBNK said:
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“NBNK was formed for the
purpose of making acquisitions in order to establish a significant
UK retail bank and confirms that it has submitted a
bid.”
In addition to NBNK, Sun
Capital Partners and UK-based Co-Operative Bank remain in the
running for the branches being sold by Lloyds but Sun and the Co-op
have not yet submitted a second-round offer.
The branches on offer
include around £64bn ($100.2m) of assets and deposits of £32bn
– market shares of approximately 4.6% and 5% of retail banking
current accounts and mortgages.
But the successful
bidder will reportedly have the option to take a reduced sum in
loans, to reduce the funding gap.
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