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Pensions Bank – correction

In an article entitled “Pensions Bank in last-ditch talks to avoid collapse” (December 14) we incorrectly stated that one of the proposed purchasers of Pensions Bank was the University of Cambridge when it is in fact Trinity Hall, an independent Cambridge University college. Law Debenture Trust Corporation (LDTC) and not Vladimir Antonov is the “sole shareholder” of Pensions Bank. LDTC is a company holding shares as nominee for Antonov, who is the sole ultimate beneficial owner of the shares.

The tone of the article may have created the false impression Pensions Bank was belatedly taking steps to find a buyer in order to avoid failure.  In its recent auditor’s report, it was stated that on August 1, 2011 the sale of the Bank was agreed subject to regulatory approval from the FSA.  It noted that if the sale were not to go ahead the bank would likely discharge its liabilities in full and then cease to carry out business because it would be unlikely to meet future regulatory capital requirements.  The bank has informed us that its buyers are currently progressing well with the usual FSA approval process for a change in control and are aiming for approval in early 2012. It  has also advised us that there is therefore  currently no intention to cease to carry on banking business,  but if it were to decide to do so then there would be an orderly and controlled transfer or repayment of all its customers’ deposits in full. We are happy to set the record straight and apologise for any confusion caused.

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