263:, owners of Northern Rock, had been briefed on the proposals. On 4 November Gary Hoffman left Northern Rock to become CEO at NBNK Investments on 1 May 2011. Due to Hoffman's previous position NBNK Investments could not table a bid for Northern Rock for a period of 12 months. In November 2011 it was announced that
314:, the company that bought Northern Rock which had been a target of NBNK. On 8 January 2013 shareholders agreed to Wilbur Ross' company. At that time 3 members of the board stood down and Wilbur Ross was appointed Chairman of NBNK. Lord Dan Brennan remains as a director. Due to his commitments with the
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Wilbur Ross resigned as
Chairman of NBNK in late 2014 and was replaced as chairman by Stephen Johnson. The policy was to maintain the Company at minimal cost while appropriate opportunities to make an acquisition in the financial services sector were sought. In the event, no such opportunities arose.
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NBNK announced on 27 June 2012 that the company would be wound down, as a result of the continuing talks between Lloyds
Banking Group and the Co-operative Banking Group and the failure of the company to acquire a bank. At the time of the company winding down it had made three attempts to acquire
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as a vehicle to acquire UK banking assets in domestic banking and eventually wealth management. On 2 July 2010 the company was incorporated under the name of De Facto 9999 plc, and a month later on 2 August the company name was changed to NBNK Investments plc. The company name, NBNK, is a
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banking assets, and they concluded that there were no other UK assets for sale that would have met the company's objectives. The company expects to return approximately 40% of the shareholders initial capital. On 28 June the company was restored to trading on AIM.
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278:. In December 2011, Lloyds said its preferred option for the sale of 632 bank branches was to sell them to the Co-operative Group. That deal between Lloyds and the Co-operative fell through itself and the branches went on to form
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in 2012 it continued to operate and in May 2014 said that it was still looking for potential acquisitions. By 2016 NBNK had still failed to acquire any target companies, and in June 2016 it entered voluntary liquidation.
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In July and August 2012 Lord McFall of
Alcluith resigned from his post as a Non-Executive Director and Sir David Walker resigned as Deputy Chairman and Senior Independent Director respectively; Walker became Chairman of
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As of 2014 the company had failed to acquire any banking assets and had considered winding up as it had been unable to acquire any it had been interested in. However, after new investment from
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In
September 2011 NBNK announced that trading in its shares would be suspended until takeover talks with an unnamed bank had been concluded. In November 2011 it was revealed that NBNK and the
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of senior business figures in 2010. The aim of the company was to build a new large UK retail bank primarily through the acquisition of other banks.
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In June 2016 following an AGM, a decision was made to return funds to the shareholders and the company entered voluntary liquidation.
306:& Co Group made an offer to inject new capital into NBNK, take a stake in the company and maintain NBNK as an AIM listed company.
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on 20 August and has major advisers and investors on-board including
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621:"NBNK to wind down as Lloyds plans branch network deal with Co-op"
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However, in late 2012 the company's direction changed again after
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were the final two bidders for 600 or more of the branches of
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444:"John McFall joins consortium aiming to buy Northern Rock"
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The company was formed by Lord Levene and a consortium of
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546:"High Street banking venture NBNK in acquisition talks"
337:"NBNK Investments Remains On Lookout For Acquisitions"
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was a UK-based financial investment company formed by
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Financial services companies disestablished in 2016
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259:was a prime target for NBNK Investments.
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251:In July 2010 it was reported that the
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335:Rowena Harris-Doughty (May 8, 2014).
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27:British financial investment company
471:"City bosses look to snap up banks"
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261:UK Financial Investments Limited
267:would be buying Northern Rock.
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201:Alternative Investment Market
442:Finch, Julia (2010-07-11).
247:Attempts to purchase assets
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272:Co-operative Banking Group
131:Stephen Johnson (Chairman)
227:who has been chairman of
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355:nbnkinvestmentsplc.co.uk
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369:"Contacts and Advisors"
371:. NBNK Investments Plc
49:Public limited company
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253:nationalised
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225:David Walker
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108:Headquarters
103:21 June 2016
95:& others
45:Company type
397:The Journal
286:2012 – 2016
241:John McFall
194:portmanteau
160:Lord Levene
93:Lord Levene
84:2 July 2010
658:Categories
606:2011-12-14
581:2011-11-24
556:2011-09-06
550:BBC Online
531:2011-11-24
506:2010-11-04
481:2010-07-11
456:2010-07-11
428:2010-07-11
403:2010-07-11
375:2010-11-04
323:References
183:Foundation
164:consortium
127:Key people
308:W.L. Ross
304:W.L. Ross
171:W.L. Ross
57:Traded as
600:BBC News
452:. London
297:Barclays
280:TSB Bank
73:Industry
631:18 July
575:Reuters
525:Reuters
235:former
213:Invesco
203:of the
178:History
136:Website
100:Defunct
89:Founder
81:Founded
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351:"Home"
223:, Sir
162:and a
113:London
209:Aviva
633:2012
215:and
67:NBNK
18:NBNK
147:.uk
145:.co
141:www
63:LSE
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