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Kuwait : KUWAITI investment fund backs RBS challenger bank

May 7, 2014

Kuwait's sovereign wealth fund emerged as a backer of Williams & Glyn s, the new challenger bank being relaunched by the Royal Bank of Scotland, former owner.

The Kuwait Investment Office replaced Standard Life as one of the cornerstone investors who will take a significant minority interest in the high street bank when it is floated on the London market late 2015, according to regulatory filings in the US.

The KIO, acting on behalf of the State of Kuwait, joined the Lunar Investors Holdings consortium that made a pre-IPO investment in Williams & Glyn s through a £600 million bond.

The group led by the private equity house Corsair Capital, with the Lord Jacob Rothschild s RIT Capital Partners, Church of England s Quivercourt investment vehicle, and the US private equity investor Centerbridge Partners.

On top of the £600 million, the investors agreed to pay an extra sum of up to £200 million, dependant on Williams & Glyn s share cost performance in the 18 months following the IPO.

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Source: TendersInfo (India)

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