UK. Macquarie denies asset stripping plan as it buys Green Investment Bank for £2.3bn
Macquarie has insisted it will not asset strip the Green Investment Bank in the wake of its £2.3bn acquisition of the lender despite admitting it will sell off parts of the business following the controversial privatisation.
The Government today announced a consortium led by the Australian bank had won the auction for GIB with a deal to buy it for £1.7bn and a pledge to meet a further £600m of the lender’s outstanding commitments. It marks a £160m premium to the total funding ploughed into GIB by the Government since it was set up in 2012.
There had been fears among politicians that a sale to Macquarie, which was selected as the Government’s preferred bidder last year, would compromise GIB’s environmental mission. However, both the Australian firm and the Government were at pains today to stress the new owner’s commitment to green initiatives.
Full Content: Telegraph
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