Corsair’s Davies eyes Lloyds
Former trade minister Lord Mervyn Davies, vice-chairman of US-based private equity firm Corsair Capital, is in the midst of assembling a group of investors to acquire a £10bn stake in Lloyds Banking Group, according to reports.
The investor consortium will reportedly include Corsair, as well as other institutional investors and sovereign wealth funds. Davies is apparently seeking to buy up to half of the stake currently owned by tax-payers.
Lloyds is currently 39% state-owned. Last month, Chancellor George Osborne announced in his Mansion House speech that the privatisation of the banking group will push forward. An institutional placement for the first divestment of state-owned shares is seen by the government to be the best way to get value whilst still managing risk, he explained.
According to the Sunday Telegraph, Singapore-based investment group Temasek is planning on making a rival bid for some of the government's stake in the British bank.
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