US-based private equity group
Blackstone has confirmed it is planning a UK retail banking
start-up to be branded Home and Savings Bank, subject to UK
regulator, the Financial Services Authority (FSA), granting a
banking licence.
But a Blackstone spokeswoman told RBI she
could not confirm press reports that the firm’s launch plans
included a network of up to 200 branches.
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Blackstone joins a number of banking entrants
to the UK market awaiting FSA approval, including Walton & Co,
which aims to target the mass-affluent segment in the south of
England and US entrepreneur Vernon Hill’s Metro Bank (see RBI 614).
Among Blackstone’s financial services
portfolio is the largest independent bank in Florida, BankUnited,
with branches in Miami, Fort Lauderdale and Palm Beach.
It has previously invested in Corp Group,
owners of the sixth and eighth-largest banks in Venezuela and
Chile, respectively.
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