The Blackstone Group wants in on the British banking sector, with or without Richard Branson.
The U.S. private equity giant has applied for a British banking license with the Financial Services Authority. It is reportedly working with hedge fund Cambridge Place Investment Management on a new bank that could make its debut in the next three months, Reuters reports. Peter Birch, former CEO of Abbey National, the British bank that merged with parent Grupo Santander in earlier this month.
Blackstone, Cambridge Place and the Pears family are readying The Home and Savings Bank, with Blackstone investing £200 million and the Pears £50 million. Cambridge Place will make a smaller investment, but is working to recruit other investors, including other private equity firms, for the new bank.
Earlier this month, it was reported that billionaire entrepreneur Richard Branson had approached Blackstone about backing his bid for part of nationalized British lender Northern Rock.
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