NBNK Investments Drops Bid Interest In NAB's UK Operations-Source
(page 2 of 4) View Entire Story
"Bank valuations have only continued to deteriorate in the U.K. On that basis a realistic price for that business is evidently below what they're expecting."

Set up in the wake of the financial crisis by former Lloyd's of London chairman Peter Levene, NBNK aimed to build a new U.K. retail bank that would grab a slice of the country's lucrative checking-account market by offering better services than the established banks.

But after two years of fruitless searching for acquisitions, NBNK believes the Clydesdale and Yorkshire banks would be too expensive at the current asking price, said the person.

The investment vehicle's focus is now on the potential acquisition of 632 branches of Lloyds Banking Group PLC (LLOY.LN), for which it is competing with the U.K.'s Co-operative Group.

If NBNK's sweetened bid for the Lloyds assets fails, the "likely option is that we would close down," NBNK Chief Executive Gary Hoffman told The Wall Street Journal in an interview earlier this month.

Previous | Next Page
More Latest News
DOW up 89.32 | NAS up 11.47 | S&P up 12.37
(Data as of 2014-04-15 8:34 GMT+00:00)