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Northern Rock To Be Sold On The Cheap

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In August NBNK begins trading

A group featuring some of the biggest names in the City and which aims to become a major UK banking brand has begun trading.

NBNK Investments has begun trading with a £50m share issue

NBNK Investments is chaired by Lloyds of London chairman Lord Levene and is backed by investors including Moore Capital and Och-Ziff, two of London’s best-known hedge funds, as exclusively revealed by Sky City editor Mark Kleinman.

It began trading on the AIM market following the issue of 50 million shares, at 100 pence per share, raising £50m.

NBNK aims to build itself into a substantial UK bank providing current accounts and savings products, primarily through a large acquisition


It is pledging to consider winding up the company and returning money to investors if it fails to make any acquisitions within the next 18 months


Today the Northern Rock CEO joins them

Northern Rock chief executive Gary Hoffman to join NBNK

The chief executive of Northern Rock, Gary Hoffman, is leaving to join a new banking venture, NBNK.

He has been put on gardening leave until he officially starts at NBNK next April.

During that time, he will be paid £350,000, plus pension contributions by Northern Rock, which is wholly owned by UK taxpayers.

NBNK Investments has raised £50m to fund its plan to establish a new bank with branches on the UK High Street.

It has pledged not to make a bid for the nationalised bank within the next 12 months

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  • 416 Brexit, House prices and Summer 2020

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      • down 5% +
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