Retail Bank Searches For Marketing Agency Ahead Of Launch

Retail Bank Searches For Marketing Agency Ahead Of Launch

NBNK Investments, the financial vehicle launched last year with the aim of building a new UK retail bank, is holding talks with advertising agencies with regards to its marketing strategy.

The company, which bid last month to take control of 632 branches owned by Lloyds Banking Group, has begun preliminary conversations with several network marketing agencies about the work.

It is thought that NBNK requires a marketing agency partner to assist on its advertising strategy and possible future marketing activity should it succeed in launching a new "challenger bank" to take on the established players.

While reports suggest that its bid for Lloyds is well below the target price, the company has also been linked with a bid for the state-owned bank Northern Rock.

NBNK was established in August 2010 by Lord Peter Levene and currently has commitments from private investors of around £8 billion to allow it to bid for banking assets.