Insurance entrepreneur Clive Cowdery is bidding to take control of 632 Lloyds Banking Group branches, according to reports.
Cowdery, the founder of insurance acquisition vehicle Resolution, submitted a first-round indicative bid for the branches which are being sold to appease competition regulators.
He is pursuing the branches through a Guernsey-based company which advises Resolution on acquisitions, rather than through Resolution, said the Sunday Times, without citing sources. Resolution declined to comment.
Resolution, which bought AXA's UK life insurance business last year, has said it is considering a venture which could focus on consolidating European asset managers or closed life funds in the U.S.
The company has indicated that a deal like thiswould be carried out through a new investment vehicle, and would require shareholder approval.
A handful of companies, including Virgin Money and NBNK , the bank buyout vehicle led by outgoing Lloyd's chairman Lord Levene, had made indicative bids by last week's deadline, according to sources involved in the process.
National Australia Bank is said to be assessing the situation.
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