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  • #1

    NBNK to bid about £1.5bn for Lloyds bank branches

    NBNK to bid about £1.5bn for Lloyds bank branches

    This is a duplicate of the Blog Entry made on 28th September 2011 12:07.

    *NBNK to bid about £1.5bn for Lloyds bank branches* NBNK, formed last year to build a new High Street banking presence, is to bid about £1.5bn for...

    Click to Read More...
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    Tags: backing, bank, banking, bbc, bids, boss, branch, branches, business, capital, child, co-op, co-operative, companies, con, customer, deadline, debt, financial, friday, government, interest, letter, lloyds, lord, money, northern rock, qatar, rules, shareholders, shares, size, thisismoney, tsb, update
  • #2
    Re: NBNK to bid about £1.5bn for Lloyds bank branches

    Update:
    Lloyds bank picks Co-op and NBNK for branch sale talks

    Lloyds Banking Group will continue discussions with two companies as part of its plan to dispose of 632 branches. Business editor Robert Peston said the Co-op and banking newcomer NBNK have been chosen. Sun Capital, which also expressed an interest in buying the outlets, has been rejected, the BBC understands....Read more HERE
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    • #3
      Re: NBNK to bid about £1.5bn for Lloyds bank branches

      Time is running out for NBNK, the buyout vehicle set up to create a customer-focused High Street bank from the wreckage of the financial crisis. When the firm launched on the stockmarket in August 2010 – raising £50m – it promised to return shareholders money within 18 months if they had failed to do a deal.

      With the deadline just three weeks away NBNK is now backing down from its pledge. NBNK is the brainchild of Lord Levene and former Northern Rock boss Gary Hoffman who was drafted in after it had to be rescued with taxpayers’ money. Their dream of establishing a new High Street force by picking up assets on the cheap now hangs by a thread after a string of failed take-over bids...Read more here--: Time running out for NBNK as deadline for returning shareholders' money looms
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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      • #4
        Re: NBNK to bid about £1.5bn for Lloyds bank branches

        NBNK makes fresh bid for Lloyds branches

        New banking venture NBNK has submitted a fresh bid proposal to buy 632 Lloyds bank branches. It had previously been in competition with the Co-operative for the branches, which Lloyds has to sell for regulatory reasons, but in December Lloyds named the Co-op as its preferred bidder. Co-op chief Peter Marks has cast doubt on that deal, citing "significant economic and regulatory issues". However, Lloyds said it remained in exclusive talks with the Co-op.

        Deadline

        Lloyds - which is 40%-owned by the government - has a deadline of November 2013 to complete the sale in order to meet European Commission competition rules. The sale includes all 185 Lloyds TSB branches in Scotland. In its new offer, NBNK said it was proposing an "alternative demerger structure". It said it would underwrite 100% of the package of branches being sold by Lloyds, leaving Lloyds shareholders, including the government, the option of receiving cash directly and/or receiving shares in a new, listed banking group. In a statement, Lloyds acknowledged "receipt of a letter outlining an indicative revised proposal from NBNK". "However, we continue to negotiate solely with the Co-operative Group and are continuing to prepare for a divestment through an initial public offering."....Read more here--: BBC News - NBNK makes fresh bid for Lloyds branches
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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        • #5
          Re: NBNK to bid about £1.5bn for Lloyds bank branches

          NBNK looks for Middle East support in Lloyds bid



          NBNK is attempting to persuade Middle East sovereign wealth funds to support its effort to acquire 632 Lloyds Banking Group branches from under the nose of rival bidder Co-operative Group. Lloyds is known to harbour concerns over financial and regulatory issues where a NBNK bid is concerned and the fledgling bank's chairman, Lord Levene, has been asked to provide detailed information about the group's capital strength, as well as evidence that it can jump the regulatory hurdles.

          The state-backed bank also wants evidence that NBNK is introducing tough corporate guidance rules and that its information systems can cope with a huge workload. Informal talks have been held on the issues between Antonio Horta-Osorio, the Lloyds' chief executive and Lord Levene. Mr Horta-Osorio has been reassured that NBNK is on track to achieve full banking status and that well-heeled investors are ready to lend to a business that some analysts say is attempting to run before it can crawl. Lord Levene, a heavyweight City veteran, and chief executive Gary Hoffman have been trawling the Middle East seeking support and are understood to have been given a favourable reception by wealth funds in Qatar and Abu Dhabi....Read more here:--- NBNK looks for Middle East support in Lloyds bid
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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          • #6
            Re: NBNK to bid about £1.5bn for Lloyds bank branches

            NBNK gets approval to buy Lloyds branches



            NBNK's bid to buy 632 branches from Lloyds Banking Group and create a major competitor to Britain's established high street lenders has got approval from the Financial Services Authority.

             The fledgling bank said talks with Lloyds on the sale had "progressed positively" and that the regulator had confirmed it was satisfied with its plans should it be successful in acquiring the branches. The statement from NBNK on Friday comes after the bank in April submitted a fresh bid for the so-called Project Verde business being sold by Lloyds. The new offer came as it emerged that the Co-op, which was granted exclusivity in the race to buy the branches late last year, was struggling to get FSA approval to complete the deal. NBNK was founded by former Lloyd's of London chairman, Lord Levene, and is run by Gary Hoffman, the former chief executive of Northern Rock. In the statement NBNK said it had "answered a number of questions" from the FSA about its bid for the branches following its renewed offer for the business and that the regulator had confirmed it was happy with its responses....Read more here: NBNK gets approval to buy Lloyds branches
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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