Solar, Nov 29, 2020 – 1:36 PM
[LONDON] JPMorgan Chase & Co and Lloyds Banking Group have expressed curiosity in shopping for Starling Bank, a British challenger startup lender, the Occasions reported.
The sale of Starling might result in the primary massive merger of a longtime lender with a startup in Britain, the newspaper stated, with out figuring out its sources.
American large JPMorgan is making ready to launch a client bank within the UK within the new yr, whereas LLoyds, one among Britain’s largest retail banks, is curious about Starling’s know-how, based on the Occasions.
Starling was based by Anne Boden in 2017 and its major shareholders embody Bermuda-based Harry McPike and Merian International traders. The bank just lately stated it had made its first revenue of £800,000 (S$1.four million) within the month of October. Its buyer numbers rose this summer time when it was accredited to lend government-backed bounce-back and coronavirus enterprise interruption loans.
The curiosity in Starling has arisen after it opened a knowledge room as a part of a plan to lift £200 million in new funding, the Occasions stated, including that Ms Boden, chief govt officer of Starling, has lengthy expressed an ambition to drift the bank on the stock market.
“Anne has all the time stated she’s going to by no means promote to an enormous bank,” a spokesperson for Starling stated. “An IPO (preliminary public providing) remains to be in our sights.”
A spokesperson for JPMorgan and a spokesperson for Lloyds declined to remark when contacted by Bloomberg.