UK - Blackstone applies for British banking license

The buyout house is understood to be working alongside fund manager Cambridge Place on the new venture. Blackstone is expected to inject £200m into the project, alongside Cambridge, which is said to be making a smaller investment.

Cambridge is looking to recruit other investors, which could include private equity firms. The bank could be open as early as Q1 of this year, though an FSA approval could take months.

Financial services has become an increasingly popular turnaround sector for private equity, especially given the enormous pressure on the banking industry now. Last year, AnaCap acquired Ruffler Bank, subsequently renaming it Aldermore and injecting £80m into the establishment.

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