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UK to Start £4.2 Billion Green Bank Sale

  • Business Secretary Sajid Javid invites bidders to come forward
  • `Special share' will maintain bank's focus on climate projects
Shaun Kingsbury, chief executive of the Green Investment Bank.

Shaun Kingsbury, chief executive of the Green Investment Bank.

Source: Press Association via AP Photo
Updated on

U.K. Business Secretary Sajid Javid said the government is starting an auction to sell U.K. Green Investment Bank Plc in a deal that may value the institution at as much as 4.2 billion pounds ($5.9 billion).

The government will start a bidding process Thursday, seeking to sell 75 percent to 100 percent of the institution, Shaun Kingsbury, chief executive officer of the Green Investment Bank, said in an interview. The deal is due to be complete by the end of the year.