Bloomberg News

NBNK Said to Submit $2.35 Billion Bid for 632 Lloyds Branches

September 29, 2011

Sept. 29 (Bloomberg) -- NBNK Investments Plc, run by Peter Levene, submitted a 1.5 billion-pound ($2.35 billion) bid for the 632 branches being sold by Lloyds Banking Group Plc, a person with knowledge of the matter said.

NBNK is the first suitor to submit a formal bid, while Co- Operative Bank Plc and Hugh Osmond, the British entrepreneur who founded U.K. restaurant chain Pizza Express, have also made indicative offers for the branches, said the person, who declined to be identified because the discussions are private. NBNK won’t gain privileged access to financial information about the branches as a result of its offer, the person said.

Lloyds, 41 percent taxpayer-owned after its bailout, is seeking 2.5 billion pounds for the assets, which it’s being forced to sell to comply with European Union state-aid rules.

Spokesmen for Lloyds and Co-Operative Bank declined to comment and an official for Osmond’s Sun Capital Partners wasn’t immediately available. London-based NBNK said in a statement today it had submitted a bid for the Lloyds’s assets. A spokesman declined to comment on the size of the offer.

NBNK’s bid was reported yesterday by Sky News.

--With assistance from Finbarr Flynn in Dublin. Editors: Steve Bailey, Edward Evans

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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