Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
29th July 2011
Hugh Osmond is 3rd bidder for Lloyds branches
Hugh Osmond is said either to be considering making a bid for the Lloyds Bank branches for sale or to have made a preliminary bid depending on the media source. The Independent Newspaper reports that he has made a formal approach to Lloyds Banking.
Osmond is a serial investor known originally for forming Pizza Express in the UK. He also invested in Punch Taverns. It is thought that he plans to use Sun Capital, an investment vehicle he in involved with. Sun Capital is planning a £500m IPO sometime this year.
Lloyds Banking claimed there were six credible proposals to buy the branches for sale. However it is also suggested that the bank only got two indicative bids by the brought forward cut off date of 18th July. It is believed that Lloyds wanted a contract in place before the Independent Banking Commission issued its final report in order to make it harder for the Commission's ideas to be applied to the sale. The bank must now weigh up the competing pressures of achieving this time-scale versus getting the best price. To gain the best price they may need to set a new final cut-off date for indicative bids given late interest from a number of parties. However to do this would almost certainly miss the deadline for finalising a sale contract before the Commission publishes its report in mid-September.