Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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NBNK Investments PLC (NBNK)

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Thursday 12 April, 2012

NBNK Investments PLC

NBNK confirms new bid for LBG Verde package

RNS Number : 2152B
NBNK Investments PLC
12 April 2012
 



NBNK Investments plc

 

('NBNK' or the 'Company')

 

 

NBNK confirms new bid for Lloyds Banking Group's Verde divestment

 

 

NBNK has submitted a revised proposal to Lloyds Banking Group to acquire the Project Verde asset package.

 

 

Offer for Verde

 

The Company's updated proposal offers an alternative demerger structure to Lloyds giving its shareholders the opportunity to benefit directly from the divestment of Verde. NBNK would underwrite 100% of the Verde asset package demerger, offering Lloyds's shareholders (including the Government as the largest shareholder) the option of receiving cash directly and/or receiving shares in what would be the UK's only major, listed organisation solely dedicated to retail and SME banking.

 

The alternative demerger structure enables Lloyds to separate the Verde business with none of the price uncertainty and additional costs associated with independently listing the business.

 

NBNK's proposal contains a commitment to making no redundancies at Verde as part of the acquisition, no branch closures and a service-orientated approach to banking which includes becoming the first 'no bonus' bank with no short term incentives for senior managers.

 

 

Pragmatic execution plan

 

NBNK's Board, led by Chairman Lord Levene and Deputy Chairman Sir David Walker, has considerable regulatory, governance and management experience. This will be a significant asset for a separation and transition process. NBNK's management team, led by Gary Hoffman, has considerable experience in the separation and rehabilitation of banking businesses, most recently at Northern Rock.

 

Throughout the Verde bid process, NBNK has remained in close contact with the FSA and believes it is well placed to meet all applicable regulatory requirements.

 

NBNK has made substantial progress in its operations and technology planning and is confident that it can successfully transfer the Verde business into its ownership by the EU's November 2013 deadline.

 

As part of its preparations NBNK will have a best-in-class banking technology platform in place ready to receive the Verde business, thereby reducing the cost and complexity to Lloyds of the Verde separation. NBNK's technology partner, FIS, is the world's largest provider of banking and payments technology whose systems are operationally proven in over 100 countries around the world.

 

Commenting on NBNK's bid Lord Levene, said: "NBNK offers none of the downsides to Lloyds of a standalone IPO. We have the right Board, management, strategy and experience to run and grow a large scale banking operation and achieve our plans for Verde. Our shareholders are strongly supportive of our objectives."

 

NBNK's Chief Executive, Gary Hoffman, added: "Our objective is to create a new, large challenger bank and brand that will shake-up UK high street banking, operating in the interests of customers. I believe we have tabled a compelling proposition that will invigorate competition, provide jobs and is the right solution for taxpayers."

 

 

- Ends -

 

 

For further information contact:

 

Pelham Bell Pottinger

James Henderson

Olly Scott

 

+44 20 7861 3232

 

 

Cenkos Securities plc (Nominated adviser and broker)

Ian Soanes

Ivonne Cantu

 

+44 20 7397 8900

 

 

 

 

About NBNK Investments

 

NBNK has been established to take advantage of the opportunity which exists in the UK banking and savings market to build (primarily through acquisition) a new and substantial UK bank focused on the retail and corporate SME markets. The Company has been founded by Lord Levene and a group of senior business figures, supported by a number of institutional shareholders. NBNK will focus on the UK market only, initially just in the retail banking and small and medium enterprise (SME) areas but, over time, it intends to expand into wealth management. 

 

As a quoted entity, the Company will aim to offer investors exposure to UK retail banking through a legacy-free, focused investment in UK banking and savings. The Company does not intend to be active in areas such as wholesale, international or investment banking.

 

The identity and percentage holdings of significant shareholders are:

 

Invesco Asset Management

29.5%

Aviva Investors

11.5%

Baillie Gifford

9.6%

Moore Europe Capital Management

9.4%

Och-Ziff Capital Management

9.4%

F&C Asset Management

9.0%

Blackrock Investment Managers

7.0%

JP Morgan Asset Management

6.0%

 

 

www.nbnkinvestmentsplc.co.uk

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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