20 August 2010
Admission
NBNK Investments plc (AIM: NBNK) is pleased to announce the commencement of dealings in its ordinary shares on the AIM market of the London Stock Exchange following the issue of 50 million shares at 100 pence per share, raising £50 million.
Highlights
NBNK intends to build (primarily through acquisition) a new and substantial UK bank and, over the short to medium term, a business that would represent approximately four to six per cent. of the UK banking market. It aims to establish a branch network of 400 to 600 branches across the UK with a focused regional strategy for both Scotland and England and Wales.
- Having acquired a branch network NBNK intends to offer its customers a return to a traditional branch-based, personalised, local service, alongside a modern banking operation with internet and telephone banking services.
- The Company has an experienced board of directors, led by Lord Levene, and consisting of Sir David Walker, Lord Brennan, Lord McFall, Lord Forsyth and Charles McCreevy.
The Company will aim to offer investors exposure to UK retail banking through a legacy-free, focused investment in UK banking and savings.
Commenting on admission, NBNK's Chairman, Lord Levene, said: "The investment community, the public and the regulators have welcomed the potential for an institution such as the one we propose. Admission marks the completion of the first stage in our plans. We will now establish a dialogue with a number of sellers of assets which would fit our acquisition profile."
The Company is advised by Kinmont and Cenkos.
- Ends -
For more information contact:
Cenkos Securities plc (Nominated adviser and broker)
Ian Soanes, Ivonne Cantu: +44 20 7397 8900
Kinmont (Financial adviser)
Matt Stoate, James Local: +44 20 7087 9100
Pelham Bell Pottinger
Olly Scott +44 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
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