Nbnk Invest Share Discussion Threads

[simon gordon] 30/3/2011 14:51

Tuesday March 15,2011

By Daily Express Reporter

The high-street banking venture established by a group of City grandees is considering a tie-up with the owner of Clydesdale and Yorkshire banks to bid for the 600 branches Lloyds Banking Group is being forced to sell.

A joint bid with National Australia Bank is believed to be one of a number of options being explored by NBNK Investments as it seeks to become a major presence in UK retail banking. However, it is thought a proposed tie-up could face a number of problems, not least from the competition authorities, with Lloyds looking to sell a number of branches in Scotland where Clydesdale is strong. NBNK, whose directors include Lloyd's of London chairman Lord Levene and Sir David Walker, yesterday said it had "made a great deal of progress very quickly", as it reported a £1.8million loss for the year to December.

Levene said he was "very encouraged" by the response NBNK has received since it floated last year, raising ­£50million.

The firm is quoted on Aim but has yet to make an acquisition. The Lloyds branches are top of its shopping list, although there is speculation it could also look at Northern Rock.

[envirovision] 23/3/2011 23:20

So far then they've done zilch other than lose 4.9pence per share and reduce shareholders equity cash value of the company by 3 million from 50M to 47M.

That must have required a great deal of skill to do. Nice work if you can get it.

Give the board a pay rise I say. Like they really deserve it right.

[smelleroo] 23/8/2010 21:24

Seems quite interesting but early days

Smell

[hollerich1] 23/8/2010 20:20

i hope this is profitable.