NBNK is a newly formed company which has been established to take advantage of the opportunity which the Directors believe exists in the UK banking and savings market. The Company has been founded by Lord Levene and a group of senior business figures. The NBNK proposition is to build (primarily through acquisition) a new and substantial UK bank.

NBNK intends to focus on acquisitions as the principal means of commencing and scaling its operations. Certain of the net proceeds of the placing to be completed on Admission may be used to secure the employment of key members of the executive management team and possibly to acquire a small number of branches which could provide an initial platform for the Company to launch its operations. However, the Company intends to focus on the acquisition of a large, established, high quality banking business to be funded by a further substantial fundraising. The articles of association of the Company do not contain any borrowing limits.

It is intended that if the Company has not been successful in the implementation of its strategy within 18 months of Admission, the Directors will review the position and consider if it is appropriate to return unused funds to Shareholders and/or to wind-up the Company and sell any acquired operations. If the Company has not completed an acquisition within 18 months from Admission and the Directors consider that it is appropriate, the Company will seek Shareholder approval to continue with its strategy at subsequent annual general meetings in accordance with the AIM Rules for Companies until an acquisition is made or the Company is otherwise wound up.

Listing exchange: AIM

Expected first day of trading: 2010-08-18

Expected money raised: £50M