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Atom Bank gearing up for Spanish takeover

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  • 15/01/2019
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Atom Bank gearing up for Spanish takeover
Atom Bank has appointed advisers to steer it through a period of financial negotiation which could lead to its takeover by BBVA, one of Spain’s largest banks, according to sources at Sky News.

A Sky News report confirms Atom Bank is in talks to appoint Citi to advise its board on options for the business.

Atom Bank said it doesn’t comment on ‘rumours or speculation.’

The appointment, which is expected to be confirmed shortly, comes almost 12 months after Atom Bank raised £149m from investors in March last year led by BBVA, Spain’s second-biggest lender.

Under the shareholder agreement, BBVA, which owns nearly 40% of the Durham-based digital bank, has an option to acquire the remainder of the shares.

The Sky story stated sources close to Atom denied that hiring Citi represented a “sale mandate” although they conceded that either a takeover, further equity fundraising or stock market listing was likely during 2019.

Atom Bank hit £2bn in residential mortgage lending in December last year.

Atom Bank also rebranded its consumer mortgage lending arm last year to Atom Mortgages after a legal dispute was resolved with All Types of Mortgages (AToM).

Maria Harris (pictured) said: “We retain a great relationship with Vic and Dale [Jannels] and wish them continued success with their new brand.”

The packager has been operating under its own new brand ‘impact specialist finance’ from the start of 2019.

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