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NBNK targets Middle East backing for Lloyds bid

NBNK is looking to get backing from a number of sovereign wealth funds in the Middle East as it continues with its bid to acquire 632 Lloyds Banking Group branches.

According to The Telegraph, Lloyds is understood to have concerns about the regulatory and financial footing at NBNK and has asked the bank’s chairman Lord Levene to provide detailed information on the bank’s capital strength as well as its ability to pass a number of regulatory hurdles.

NBNK is back in the race for the Project Verde business after concerns were raised about rival bidder the Co-operative’s own economic and regulatory position. Lloyds ended four months of exclusivity talks with Co-op last week citing these hurdles in the way of a potential sale.

The report says NBNK has re-assured Lloyds chairman Anotnio Horta-Osorio it is on track to achieve full banking status and a number of investors are ready to lend money to the bank.

Lord Levene and chief executive Gary Hoffman are understood to have looked at a number of sovereign wealth funds in the Middle East and have received favourable responses from Qatar and Abeu Dhabi.



MPs to write to Mark Hoban over Equitable Life

The All-party Parliamentary group for Equitable Life policyholders is preparing to write to Treasury financial secretary Mark Hoban raising concerns over the progress of compensation and the accuracy of advice being given by the Government body handling the payouts. The Treasury says the vast majority of individual policyholders due a payment will have received it […]

TPR allows ‘breathing space’ over DB deficits

The Pensions Regulator has confirmed it will give employers with defined-benefit pension schemes “greater breathing space” to fill deficits. Over the past year, the eurozone crisis and the Government’s quantitative easing programme have caused a spike in demand for UK gilts. As a result, gilts are becoming more expensive, depressing interest rates and reducing the […]

Bankrupt thinking

A pension scheme is no longer a safe place for bankrupts to shield their cash from creditors and thousands could be affected, reports Gregor Watt


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