Heavyweights to set up new retail bank
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A new retail banking venture is being launched by four heavyweights from business and politics, according to reports.
Set to be chaired by Lord Levene, current chairman of Lloyd’s insurance market, the board will include Lord McFall, former head of the Treasury Select Committee, Sir David Walker, who published a corporate governance report last year and Charles McGreevy, former European Union internal markets commissioner.
The venture, as yet unnamed, is aiming to buy government-backed assets from Northern Rock and a portfolio of branches from Lloyds Banking Group.
Lord Levene is believed to have sought about £50m of funding from investors, including Aviva, F&C Asset Management and Invesco.
Reports suggest that the venture could raise up to £4bn to lend to individuals and small and medium sized businesses, as it seeks a return to more traditional banking and prioritises customers.
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