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New bank vehicle NBNK joins AIM on Friday
Wed, 08 Feb, 2012
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New bank vehicle NBNK joins AIM on Friday
Wed, 18 Aug 2010, 17:30:00
<b>NBNK Investments</b>, the start-up company that hopes to build itself into a substantial UK bank, has amassed an impressive array of shareholders ahead of its flotation on 20 August. NBNK has raised £50m at 100p a share. Some of the cash will be used to employ an executive management team. Invesco, Aviva, Baillie Gifford, F&C, Blackrock and JP Morgan are among the institutions with major stakes in NBNK. Invesco is the biggest shareholder with a 29.5% stake. Eight institutions will own more than 90% of NBNK, which means that the shares are likely to be illiquid. That should change when NBNK needs to finance its first acquisition. It is unlikely that £50m will get it very far in its strategy and more shares will need to be issued to finance deals. Lloyd's of London chairman Lord Levene holds the same role on the NBNK board, while Sir David Walker, best known for his review into bank boardroom practices, will be deputy chairman. Other directors include former Scottish Secretary Lord Forsyth of Drumlean NBNK's focus will be domestic banking and wealth management. NBNK says that it will review its position if it does not make an acquisition within 18 months.
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