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Nbnk Bids £1.5Bn For Lloyd

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http://www.bbc.co.uk/news/business-15088243

"I have learned that NBNK, the stock-market group set up to buy banks, will at midday today submit a bid of around £1.5bn to acquire the 632 bank branches and £36bn of deposits that Lloyds is being forced to sell by the European Commission."

1.5 billion to acquire 36 billion....bargain :blink:

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http://www.bbc.co.uk/news/business-15088243

"I have learned that NBNK, the stock-market group set up to buy banks, will at midday today submit a bid of around £1.5bn to acquire the 632 bank branches and £36bn of deposits that Lloyds is being forced to sell by the European Commission."

1.5 billion to acquire 36 billion....bargain :blink:

Not if the people who own that 36 billion want it back: It is savings remember, and therefore a liability...

The 632 soon to be gastropubs might be worth a bit though.

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Lord McFall is a member of the House of Lords. He was an MP for West Dumbartonshire from 1987 until he stood down at the recent General Election. During that time he held various positions in both opposition and Government and, for the last nine years of his time in the Commons, was Chairman of the Treasury Select Committee. His special interests include regeneration and community development as well as foreign affairs and international development.

Gary Hoffman

(Executive Director)

Ahhh...wondered when he'd pop up again.

Having chaired the Treasury Select Committee when all the banks fell over, he's now cashing in with an exec directorship.

Having excoriated the boards of the failed banks for having no banking experience let's see what banking qualifications he has to be an executive director shall we?

None! - He's a teacher.

http://en.wikipedia.org/wiki/John_McFall,_Baron_McFall_of_Alcluith

Still, they're going to be

By offering excellent customer service and a renewed focus on building personal relationships, NBNK plans to establish an exciting and innovative challenger bank that will reinvigorate the way that we all bank.

Call me a jaded old cynic but this is becoming depressing.................

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Ahhh...wondered when he'd pop up again.

Having chaired the Treasury Select Committee when all the banks fell over, he's now cashing in with an exec directorship.

Having excoriated the boards of the failed banks for having no banking experience let's see what banking qualifications he has to be an executive director shall we?

None! - He's a teacher.

http://en.wikipedia.org/wiki/John_McFall,_Baron_McFall_of_Alcluith

Still, they're going to be

Call me a jaded old cynic but this is becoming depressing.................

Predictable more like.

It's the railways all over again.

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Predictable more like.

It's the railways all over again.

Yep.

It would be difficult to draw up a list of more insidery insiders.

This is completely cooked up to get these branches off the govts. hands and a few millions into the back pockets of the establishment as a 'thank you'.

Stinks. But then everything about the banking industry and government in this country stinks.

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Not if the people who own that 36 billion want it back: It is savings remember, and therefore a liability...

The 632 soon to be gastropubs might be worth a bit though.

If the results from M&B are anything to go by, those gastropubs wont make diddly squat.

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Non-exec to be precise but still known as Lord McFail in this fief

Ah.....you're correct. I've picked up the title of the next person in the list. My apols.

He's a non-exec director who will use all his qualifications and experience as a teacher to hold Gary Hoffman and Lord Levene to account.

I'm sure the FSA will have no problem with that at all. They never do.

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McFail truly was one of the most useless mouthpieces during the height of the banking 'fiasco'.

I would choose 100 people on this site ahead of the guy. In fact - I would have a 6 year old with a basic understanding of how much you can spend on sweeties depending on how much pocket money instead of this chump.

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Ahhh...wondered when he'd pop up again.

Having chaired the Treasury Select Committee when all the banks fell over, he's now cashing in with an exec directorship.

Having excoriated the boards of the failed banks for having no banking experience let's see what banking qualifications he has to be an executive director shall we?

None! - He's a teacher.

http://en.wikipedia....all_of_Alcluith

Still, they're going to be

Call me a jaded old cynic but this is becoming depressing.................

I agree.

I just want a loan I can afford, an account to store my money in.

thats as exciting and innovative as I need.

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McFail truly was one of the most useless mouthpieces during the height of the banking 'fiasco'.

I would choose 100 people on this site ahead of the guy. In fact - I would have a 6 year old with a basic understanding of how much you can spend on sweeties depending on how much pocket money instead of this chump.

-----------------------------

Jeezss - How DEPRESSING --- :angry: :angry: I watched that Mc @RSE-THICK-AS-P1G-SH1T chairing all those USELESS Parliamentary "Inquiries" into the Great Banking Fraud --- and what did it achieve??

SWEET F*CL ALL!! :angry:

----------------------------

LORD Mc F*CK........ :angry:

WADDA W@NKER!!

Edited by eric pebble

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http://www.bbc.co.uk/news/business-15106173

New banking venture NBNK Investments has confirmed that it has made a bid to buy 632 Lloyds Banking Group branches.

http://www.guardian.co.uk/news/datablog/2011/jun/08/lloyds-banking-group-selling-sold?mobile-redirect=false

The full list of branches of Cheltenham and Gloucester and Lloyds TSB that are going to be sold, get the full data here

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http://www.telegraph.co.uk/finance/comment/james-quinn/8800302/Lloyds-could-be-forced-to-hang-on-to-Verde-until-the-markets-improve.html

Lloyds could be forced to hang on to Verde until the markets improve

When Antonio Horta-Osorio proclaimed in the Spring that he hoped to identify a final solution for the 632 branches he is being forced to sell by European regulators by the end of the year, the Lloyds Banking Group chief executive could not have predicted what was about to happen.

In the intervening period, equity markets have plunged as worries about the future of the eurozone continue, knocking bank shares and restricting access to the wholesale markets.

Although there may not have been any major banking failures in this particular part of the long-running financial crisis, the impact on banks and finance houses has been noticeable.

Not, then, the perfect climate in which to sell off what could be a ready-made bank, and certainly not a ready-make bank with a £15bn to £20bn funding gap.

Little surprise then that as of Friday night, only one second round bid, from Gary Hoffman's NBNK, had been received by JP Morgan and Citigroup, the banks running the sales process. Not quite the 10 or so Lloyds had been hoping for when the process began.

Of course, the Co-op and Hugh Osmond's Sun Capital remain very much in the race as the second round "deadline" seems to have become very flexible indeed.

But each have their own reasons for not bidding yet. The Co-op – seen by many as the likely victor due not only to its existing branch network but its proven track record of integration following its 2009 merger with the Britannia building society – is still carrying out due diligence, ploughing through thousands of pages of financial and other information on the assets in play.

This information flow is believed to have been quite slow to begin with, but has speeded up as it has become increasingly evident that a sale is by no means a certainty.

One of the conundrums Co-op chief executive Peter Marks's team is believed to be struggling with is the plethora of brands contained within the Verde pot. In addition to the TSB and IF brands, many of the branches are from the Cheltenham & Gloucester estate. When the Co-op bought the Britannia, it kept the name as it believed it had a certain resonance with customers.

For Marks, cementing the Verde technology platform with that of the Co-op is not necessarily an obstacle, given the bank has already committed to a £700m technology investment plan to build a new platform by the end of 2013.

For Osmond, however, it is understood that technology is something of an issue. More specifically, there appears to be a discrepancy between what Lloyds believes will be the cost of extricating Verde's systems from Lloyds and placing it on a new platform, and what Sun Capital thinks it might cost. Unsurprisingly perhaps, Sun Capital believes it will cost a great deal more than Lloyds, and so is likely to want to pay less upfront as a result. If, of course, it even makes a bid.

The bid Lloyds has received, from NBNK, is some £1bn south of the £2.5bn to £3bn range the bank was suggesting the asset was worth before the process began. If a sale does take place one source close to the process suggested that none of the bids are likely to come in above £2bn.

That alone is a big if. The reserve option, to divest the business via a stock market flotation, seems highly unlikely given the state of the capital markets and the fact that Lloyds shareholders might not appreciate being given shares in a second-tier high street bank where only one-third of the branches are thought to be profitable.

More likely at this stage, if the sale does not achieve sufficient return, is that Verde will continue to be run as an independent unit, and a sale attempted in late 2012 when the markets may have picked up a little. Horta-Osorio may have to wait a little bit longer than he expected before declaring the Verde conundrum resolved.

james.quinn@telegraph.co.uk

@jamesrquinn

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  • 337 Brexit, House prices and Summer 2020

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      • down 5% +
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