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NBNK submits new bid for Lloyds branches

NBNK Investments has submitted a revised proposal to Lloyds Banking Group to acquire hundreds of branches, as questions remain over the bid from the Co-op Bank.

The offer from NBNK would see shareholders given the choice of cash or shares in what it describes would be “the UK’s only major, listed organisation solely dedicated to retail and SME banking”.

NBNK, chaired by former Lloyd’s chairman Peter Levene, believes the offer will ensure there is no price uncertainty or additional costs associated with a separate listing of the “Project Verde” business.

The investment group added no redundancies would be made, no branches closed and would become the first “no bonus” bank.

Levene says: “NBNK offers none of the downsides to Lloyds of a standalone IPO.

“We have the right board, management, strategy and experience to run and grow a large scale banking operation and achieve our plans for Verde. Our shareholders are strongly supportive of our objectives.”

The group has joined the fray after doubts appeard over the bid from the Co-operative group.

A Lloyds spokeswoman says: “The Group acknowledges 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.”

NBNK was a previous suitor to Northern Rock before it was acquired by Virgin.


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  1. NBNK has the stench of a fix up outfit to me. Including ex-MP, ex-TSC lightweight and former teacher (but not a banker) McFall, a bloke from Lloyds (of London not from a bank), a bloke from the EU markets regulator (but not a banker), and a bloke who claims credit for having “stabilised” Northern Rock after all the toxic stuff was split out and placed in a lead-lined “bad bank” for him. So not really anything terribly clever, then.

    Lots of the benighted great and good there on the board, but its hard to see why the FSA should be so much keener on that lot than the Co-Op boys that actually have and are running a real actual fully functioning bank that has never needed the helping hand of a state sponsored toxic waste dump to keep it going.

    But then the FSA are A WORLD CLASS, FULLY INDEPENDENT regulator, so there couldn’t possibly be any question of a stitch up for their mates could there?

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