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New banking venture raises £50m

A new banking business being set up by former Treasury select committee chairman John McFall (pictured) and Lloyd’s of London chairman Lord Levene has raised £50m through a share issue.

According to the BBC, NBNK issued 50 million shares at 100 pence each on Aim and will use the money to buy up to 600 branches from existing banks, accounting for between 4 and 6 per cent of the market.

McFall and Levine will be joined on the board by ex-EU internal markets commissioner Charlie McCreevy and Sir David Walker, who recently published a report on corporate governance.

Leven says: “The investment community, the public and the regulators have welcomed the potential for an institution such as the one we propose.

“Admission [to Aim] marks the completion of the first stage of our plans. We will now establish a dialogue with a number of sellers of assets which would fit our acquisition profile.”

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