The Daily Mail reports Lord Levene of Portsoken, chairman of Lloyd’s of London, and Sir David Walker, best-known for his report into corporate governance, are planning to buy up the branch networks and customer accounts being sold by other banking giants.
Likely targets include parts of Lloyds Banking Group and Northern Rock.
Unlike its rivals, the new firm, dubbed the ‘Frankenbank’, will not get involved in investment banking, instead concentrating on personal finance from current accounts, savings accounts, mortgages and other loans.
According to the story, three City investment firms – Aviva Investors, F&C Asset Management and Invesco – have already backed the new bank, with others expected to follow shortly.
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