NBNK submits new bid for Lloyds branches

by Aaron Strutt

Apr 13 2012

NBNK has submitted a revised proposal to buy 632 Lloyds bank branches from the high-street giant. They are being forced to sell due to regulatory reasons.

Lloyds named The Co-operative as their preferred bidder in December, but the purchase has been delayed. Peter Marks, their chief executive, is quoted on the BBC website, suggesting that their bid could be in doubt because of “significant economic and regulatory issues.”

NBNK Investments plc is a financial investment company founded by Lord Levene and other senior business figures in 2010. The aim of the company is to build a new large UK retail bank, primarily through the acquisition of other banks.

April 13, 2012