Sky News reports that Atom Bank is preparing to appoint Citi as an adviser in the face of a potential takeover.
In early March 2018, Spanish bank BBVA invested £85.4m into Atom, adding to its existing £81.6m investment, which increased its ownership to approximately 39 per cent.
According to Sky, BBVA now has the option to buy the remaining shares, although its sources apparently deny that Citi’s impending appointment is a “sale mandate,” adding that a takeover, further fundraising or becoming listed on the stock market is, however, “likely” in 2019.
A spokesperson from Atom Bank comments: “We are currently in the process of appointing Citi as advisors to help review our long-term plans and to assist with our capital planning strategy.
“It is important to be clear to our customers, investors and regulators that Atom is not up for sale. We continue to run Atom for the benefit of all our shareholders, customers and other stakeholders.”