27 August 2016
Find out more

New bank Walton & Co receives £95m in pledges - Telegraph

18 January 2010  |  6797 views  |  0 20 pound note

Walton & Co, a greenfield start-up planning to enter the UK retail banking market by the end of the year, has received investment pledges worth £95 million from Invesco Perpetual and M&G, according to the Daily Telegraph.

The bank, brainchild of Panmure Gordon analyst Sandy Chen, began sounding out potential investors last week for a £200 million stock market listing during the first quarter.

According to the Telegraph, Chen has received a letter of intent from Invesco, which has offered to invest between £40 million and £50 million in a float, but is not prepared to take a stake of more than 29.5%. M&G will inject up to £45 million but wants a stake of less than 15%.

The funds will be used as capital for new lending and to establish branches in market towns in the southeast of England.

The bank - which is basing its pitch around the slogan 'integrity in banking' - intends to take a "conservative" approach to lending, never loaning more than it holds in deposits, targeting families and small and medium sized businesses.

New bank Walton & Co receives pledges of £95m from Invesco Perpetual and M&G - Telegraph

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

New UK bank starts fundraising

New UK bank starts fundraising

11 January 2010  |  13137 views  |  0 comments
Virgin buys regional bank for high street push

Virgin buys regional bank for high street push

08 January 2010  |  13109 views  |  0 comments
Tesco Bank selects Fiserv to provide core technology platform

Tesco Bank selects Fiserv to provide core technology platform

20 November 2009  |  16001 views  |  0 comments
Virgin Money applies for banking license

Virgin Money applies for banking license

26 October 2009  |  9198 views  |  1 comments
Virgin plans Internet bank

Virgin plans Internet bank

18 May 2009  |  16811 views  |  2 comments
Tesco to take on UK's retail banks

Tesco to take on UK's retail banks

28 July 2008  |  14963 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comVisit www.abe-eba.eu

Top topics

Most viewed Most shared
hands typing furiouslyBig Data's Three Big Trends in 2016
7666 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
7468 views 11 | 24 tweets | 9 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6546 views comments | 17 tweets | 20 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
5943 views comments | 14 tweets | 14 linkedin
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
5549 views comments | 15 tweets | 18 linkedin

Featured job

Find your next job