Apollo to form Ares bank
Private equity firm Apollo Global Management plans to create a new bank under a provision in the US financial reforms passed last week, the Financial Times reported yesterday. Apollo has reportedly brought on a team from Countrywide Financial to run the bank, which has yet to receive approval from regulators. Apollo plans to ask its investors to inject money into the new bank as well, in order to avoid being considered a bank holding company. The bank, which will be called Ares, will have a separate board and operate independently, the report said.