UK bidder urges government to keep Green Investment Bank in British hands as it faces battle with Australia's Macquarie

William Turvill
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The Green Investment Bank was founded in 2012 (Source: Getty)

A UK investment banking group is hoping to convince the government that the Green Investment Bank (GIB) should remain in British hands as the bidding process moves into a two-horse race.

Sustainable Development Capital (SDC) is understood to be in competition with Australian bank Macquarie as the government prepares to privatise the £4bn-valued GIB.

Read more: Green bank bidder urges government to push ahead with sale post-Brexit vote

Former business secretary Sajid Javid launched the sale process of GIB, which was founded in 2012 to invest in green projects, in March this year.

SDC, which is heading up a consortium that also involves the Pension Protection Fund, is understood to be emphasising its British-ness as it hopes to persuade the government that it is the suitable candidate.

Read more: MP wants safeguards on Green Investment Bank privatisation

The SDC will also highlight its track record and interest in sustainability.

The Sunday Times has reported that Macquarie is set to table a final round offer for GIB on Monday.

Macquarie and the SDC have declined to comment.