City heavyweights poised to swoop for government assets
A PAIR of prominent City figures are drawing up secret plans to launch a bid for one of the banks owned by British taxpayers, according to Sky News.
It has been reported that Lord Levene, chairman of Lloyd’s of London, and Sir David Walker are backing a new acquisition vehicle that will list on the London stock market and attempt to grab a slice of the high street banking industry.
This could mean a bid for either Northern Rock or parts of Lloyds Banking Group which will have to be sold in return for the state aid it received following its emergency rescue of HBOS in 2008.
The plan is to form a stock market-listed company backed by institutional investors including Aviva, F&C Asset Management and Invesco which would raise funds to bid for banking assets, according to reports.