Broke Qatar Holdings contending for Lloyds sell-off
EMIRATE FUNDING FOR LLOYDS SELL-OFF
Monday April 30,2012
By Edited by Andrew Johnson
ONE of the contenders for the 632 branches being sold by Lloyds Banking Group is believed to have held talks with a clutch of Middle Eastern wealth funds about the £2billion deal.
NBNK, the investment vehicle founded by City bigwig Lord Levene and led by former Northern Rock boss Gary Hoffman, is said to have discussed the possibility with Abu Dhabi’s Mubadala fund and Qatar Holdings.
Although their support would be a major boost to NBNK, which is vying for the branches against the Co-operative Group, it is confident it can secure the financing, as several other interested investors have made approaches.
News of the potential support of Qatar Holdings and Mubadala came days after Lloyds, led by chief executive Antonio Horta-Osorio, ended exclusive negotiations with the Co-operative Group for the branches as part of a process called Project Verde.