Lord Levene’s NBNK Investments wound up after failing to muscle into high street banking

Levene

Former Lloyd’s chairman Lord Levene is winding up investment vehicle NBNK Investments, squandering more than £30m of investors’ money.

NBNK had failed to buy Yorkshire Bank, Clydesdale Bank, Northern Rock. The latest attempt was for Verde, a group of 632 branches being carved out of Lloyd’s bank.

But after Lloyd’s revealed yesterday that it would instead re-enter exclusive talks to sell to the Co-op, Levene and his partners made the decision to close up the fund and return the remaining money to shareholders.

Aviva was was one of the investors in the fund, and is nursing a £3.45m loss.

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