Lord Levene to head bank acquisition firm

Lord Levene is to head up an acquisition vehicle that will target state-controlled banking assets.

Levene will be joined by Sir David Walker, who led a Government review of bank boardroom practices.

The new company, which will replicate Clive Cowdrey's Resolution investment business, will target Lloyd's branch network and Northern Rock.

The new firm is backed by Aviva Investors, F&C Asset Management and Invesco, which are already thought to have put 'billions of pounds' into the venture, reports the Telegraph.

Levene's tenure as chairman of Lloyd's is due to expire at the end of next year. He will become chairman of the new company, with Wakler as a non-executive director.

The acquisition vehicle will float on the London Stock Exchange before making its first acquisition, reports say.