Investment firm NBNK confirms Lloyds branches bid

A takeover vehicle run by former Northern Rock boss Gary Hoffman today confirmed a bid for 632 branches being sold by Lloyds Banking Group.

NBNK Investments, which was co-founded by Lord Levene, chairman of insurer Lloyd’s of London, has reportedly offered £1.5bn for the estate, which is up for sale in order for Lloyds to meet European competition rules.