Amid outcry over sale...
Clark ‘favours IPO’ for Green Investment Bank
Business Secretary Greg Clark wants to rip up a deal to sell the Green Investment Bank to an Australian institution and instead float it on the stock market, according to sources.
Amid criticism of the deal to sell a big stake to an overseas fund, Mr Clark is said to be back-tracking and looking at an alternative plan.
The Edinburgh and London co-headquartered bank, chaired by Lord Smith, was created by the Coalition Government in 2012 and uses taxpayers money to back green infrastructure projects that might otherwise struggle to get off the ground.
Macquarie, the investment bank, was being lined up to invest in the bank, but there was an outcry when it was revealed that it intended to asset strip the business.
The SNP has been among the more critical of the UK government’s planned sale of the bank.
It was estimated that Macquarie could make an instant profit of £2.7bn on its purchase by selling off the assets piece by piece.
Mr Clark is believed to be pushing instead for a stock market listing which would value the bank at about £3.8bn.
The Government said it would sell its stake by the end of its current five-year term in 2020.