NBNK Investments has submitted a formal bid for a portfolio of Lloyds Banking Group’s branches, Financial Times reports. The banking venture set up by Lord Levene has tendered £1.5 billion for Lloyds’ 632 branches.
The Co-operative Group and Hugh Osmond’s investment vehicle Sun Capital Partners may also submit rival bids. The sale, expected to close by the end of this year, comprises 4.6 percent of personal current accounts and 5 percent of the mortgage market, providing some £500 million of pretax profit in 2008 and earnings of approximately £1.4 billion, adds Reuters.
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NBNK Investments Lloyds Branches Lloyds Banking Group Sun Capital Partners NBNK Bids