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

18 January 2010  |  7126 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

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