Jump to content
House Price Crash Forum
Democorruptcy

Northern Rock To Be Sold On The Cheap

Recommended Posts

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

http://news.sky.com/skynews/Home/Business/NBNK-Investments-Begins-Trading-On-AIM-Northern-Rock-And-Lloyds-TSB-Branches-Possible-Acquisitions/Article/201008315699044?f=rss

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

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.