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New banking venture eyes NAB brands before Lloyds move

New banking venture NBNK is looking to acquire Yorkshire and Clydesdale banks to use as a platform to buy the branches Lloyds Banking Group has been forced to sell.

An announcement to the stockmarket this morning confirmed NBNK’s shares had been suspended following media speculation and the size of the operations it was looking to acquire.

The Daily Telegraph reports NBNK is in talks with National Australia Bank to buy its Yorkshire and Clydesdale brands as a gateway to acquiring the branches Lloyds has been forced to put up for sale by the European Commission, creating a new bank with 971 branches.

NBNK was launched and listed on Aim in August 2010 by Lord Levene and former Treasury select committee chairman Lord McFall as an acquisition vehicle to create a new banking group.  

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