13th May 2016 08:36
LONDON (Alliance News) - NBNK Investments PLC, an investment company which had aimed to make an acquisition in the financial services sector, reported a wider pretax loss for 2015 on Friday.
NBNK said its pretax loss for the year to the end of December was GBP271,000, compared to GBP182,000 a year earlier, mainly due to higher administrative costs.
In April, NBNK said it will return money to shareholders and potentially wind up the company after it failed to secure the acquisition of a retail banking business.
NBNK was originally established to acquire retail banking assets. It tried to acquire the so-called Project Verde portfolio of 600 retail branches that went on to form TSB Banking Group. However, NBNK lost out to the Co-operative Group, which itself ended up pulling out of the deal amid financial difficulties.
Lloyds Banking Group PLC went on to divest TSB via an initial public offering in London and completed its exit in 2015 by accepting a takeover offer for the banking network from Spain's Banco de Sabadell SA.
Shares in NBNK were untraded on Friday, having last traded at 34.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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