Takeover firm 'set to buy UK banks'

A takeover vehicle run by former Northern Rock boss Gary Hoffman suspended its shares today in a further sign that it is moving in on a deal which could see it form one of the UK’s largest high street lenders.

NBNK Investments, which was co-founded by Lord Levene, chairman of insurer Lloyd’s of London, is reportedly looking to buy the Clydesdale and Yorkshire banks ahead of a bid for 632 branches being sold by Lloyds Banking Group.