NBNK Struggles to Show It Can Buy Bank Branches, Telegraph Says

NBNK Investments Plc (NBNK) is struggling to demonstrate to Lloyds Banking Group Plc (LLOY) that it has sufficient capital to buy the 632 branches the bank is selling, the Sunday Telegraph reported, citing unidentified people.

Talks between NBNK and Lloyds have yet to begin and the only communication between the two parties in the month since NBNK was admitted to the sale process has been written correspondence, the newspaper reported.

NBNK said its management team has met with Lloyds executives to pave the way for negotiations, according to the Telegraph.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net

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