New Venture To Bid For UK Government Bank Assets - Report

LONDON (Dow Jones)--The chairman of Lloyd's of London together with the man who last year led a review of corporate governance in the banking sector are backing plans by institutions to buy one of the banks owned by U.K. taxpayers, Sky News reports Thursday. Lord Peter Levene and Sir David Walker are backing a new acquisition vehicle to be set up by institutions that will list on the London stock market and attempt to acquire a part of the high street banking industry, Sky News' Mark Kleinman reports on his blog. That is likely to mean a bid for either Northern Rock PLC or parts of Lloyds Banking Group PLC (LYG), which will have to be sold in return for the state aid it received following its emergency rescue of HBOS in 2008, he reports. Full details are likely to be announced within days, while Cenkos Securities PLC and advisory firm Kinmont are working on the proposals, according to the report. Full story: http://blogs.news.sky.com/kleinman/Post:d1534360-2795-4b4d-a079-c168713d3e3e -London bureau, Dow Jones Newswires; +44 (0)20 78 42 9330; generaldesklondon@dowjones.com (END) Dow Jones Newswires July 08, 2010 05:32 ET (09:32 GMT)