NBNK
Encyclopedia
NBNK Investments plc is a financial investment company formed by Lord Levene
and a consortium
of senior business figures in 2010. The aim of the company is to build a new large UK retail bank primarily through the acquisition of other banks.
as a vehicle to acquire UK banking assets in domestic banking and eventually wealth management. On 2 July 2010 the company was incorporated under the name of De Facto 9999 plc, and a month later on 2 August the company name was changed to NBNK Investments plc. The company was listed on the Alternative Investment Market
of the London Stock Exchange
on 20 August and has major advisers and investors on-board including Aviva
, Invesco and F&C Asset Management
.
People involved in the consortium include Peter Levene, chairman of Lloyd's of London
, Sir David Walker who has been chairman of Morgan Stanley
, Charles McCreevy
former European Union internal markets commissioner and politician John McFall.
In July 2010 it was reported that the nationalised
British bank Northern Rock
was a prime target for NBNK Investments. UK Financial Investments Limited
, owners of Northern Rock, have been briefed on the proposals. On 4 November Gary Hoffman left Northern Rock to become CEO at NBNK Investments on 1 May 2011. Due to Hoffman's previous position NBNK Investments cannot table a bid for Northern Rock for a period of 12 months. In November 2011 it was announced that Virgin Money
would be buying Northern Rock.
In September 2011 NBNK announced that trading in its shares would be suspended until takeover talks with an unnamed bank had been concluded.
In November 2011 it was revealed that NBNK and the Co-operative Banking Group were the final two bidders for 600 or more of the branches of Lloyds Banking Group
.
Peter Levene, Baron Levene of Portsoken
Peter Keith Levene, Baron Levene of Portsoken KBE is chairman of NBNK Investments plc and was Lord Mayor of London 1998 to 1999.-Life:Lord Levene has enjoyed a long and varied career in business, government and banking...
and a consortium
Consortium
A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
of senior business figures in 2010. The aim of the company is to build a new large UK retail bank primarily through the acquisition of other banks.
History
The company was formed by Lord Levene and a consortium of City executivesCity of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
as a vehicle to acquire UK banking assets in domestic banking and eventually wealth management. On 2 July 2010 the company was incorporated under the name of De Facto 9999 plc, and a month later on 2 August the company name was changed to NBNK Investments plc. The company was listed on the Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
of the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
on 20 August and has major advisers and investors on-board including Aviva
Aviva
Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries...
, Invesco and F&C Asset Management
F&C Asset Management
F&C Asset Management Plc is a leading asset management company.Unlike many asset managers which are divisions of large financial firms such as banks, F&C Asset Management is a standalone publicly-listed asset manager. It is an active shareholder with a strong commitment to corporate social...
.
People involved in the consortium include Peter Levene, chairman of Lloyd's of London
Lloyd's of London
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals or corporations, come together to pool and spread risk...
, Sir David Walker who has been chairman of Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
, Charles McCreevy
Charlie McCreevy
Charles "Charlie" McCreevy is a former Irish politician. He was the European Commissioner for Internal Market and Services from 2004–2010. He was first elected to Dáil Éireann as a Fianna Fáil TD in 1977 and held the seat in Kildare until 2004 when he became Ireland's European Commissioner...
former European Union internal markets commissioner and politician John McFall.
In July 2010 it was reported that the nationalised
Nationalisation of Northern Rock
In 2008 the Northern Rock bank was nationalised by the British Government, due to financial problems caused by the subprime mortgage crisis...
British bank Northern Rock
Northern Rock
Northern Rock plc is a British bank, best known for becoming the first bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007. Having failed to find a commercial buyer for...
was a prime target for NBNK Investments. UK Financial Investments Limited
UK Financial Investments Limited
UK Financial Investments Ltd is a company set up in November 2008 by the UK Government to manage its shareholding in banks subscribing to its recapitalisation fund. They include Lloyds Banking Group , Royal Bank of Scotland Group and Northern Rock...
, owners of Northern Rock, have been briefed on the proposals. On 4 November Gary Hoffman left Northern Rock to become CEO at NBNK Investments on 1 May 2011. Due to Hoffman's previous position NBNK Investments cannot table a bid for Northern Rock for a period of 12 months. In November 2011 it was announced that Virgin Money
Virgin Money
Virgin Money is a UK-based financial services company owned by the Virgin Group and founded by Sir Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching a value Personal Equity Plan into the market. In the 2000s Virgin Money expanded its...
would be buying Northern Rock.
In September 2011 NBNK announced that trading in its shares would be suspended until takeover talks with an unnamed bank had been concluded.
In November 2011 it was revealed that NBNK and the Co-operative Banking Group were the final two bidders for 600 or more of the branches of Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
.