Olivant pulls out of NRock race

The vehicle says it has not been able to come up with a plan that meets its criteria for investment and will not be submitting a further offer. The bank’s management and Virgin Group are now the only two possible buyers remaining. Reports suggest Olivant pulled out of the deal because the Government wanted loans to the bank to be repaid within three years. The move means Virgin is likely to be the frontrunner to takeover the bank, though the lack of competition may mean a less attractive deal for both shareholders and the Treasury. If you would like to comment on this story, contact...