City grandees set up bank acquisition vehicle
by Gill Montia
Story link: City grandees set up bank acquisition vehicle
Lord Leven has been named as one of the City grandees who are drawing up plans to acquire Northern Rock, parts of Lloyds Banking Group, or even the William & Glyn’s branches being sold by Royal Bank of Scotland.
In the company of Sir David Walker the Lloyd’s of London chairman is reported to be setting up an acquisition vehicle that will list on the London stock market and be backed by institutional investors including Aviva, F&C Asset Management and Invesco
According to reports, UK Financial Investments, which manages the taxpayer’s interest in bailed out banks, is aware of the project, as is the Treasury and Financial Services Authority.
Lord Levene’s term as chairman of Lloyd’s comes to an end next year.