A huge Singaporean sovereign wealth fund is reportedly in talks to snap up a stake in British challenger bank OakNorth.
The state’s Government Investment Corporation (GIC) was close to agreeing a deal to acquire 10 per cent of business-focused lender OakNorth, Sky News reported.
GIC was said to be buying the stake from Indiabulls, one of the bank’s top shareholders.
OakNorth was the first of Britain's new generation of challenger banks to hit a $1bn valuation.
The purchase was seen as a vote of confidence for the UK's economy, and the acquisition will also allow OakNorth to mull expansion into Asia.