The William Pears Group, the property and investment company owned by the UK-based Pears family, are set to co-invest with private equity group Blackstone and investment firm Cambridge Place to launch a new UK bank.
The family has invested £50 million into the venture according to media reports today, although no family members were available to comment when the firm was contacted by www.campdenFB.com.
The Home and Savings Bank, as the new bank is to be called, has applied for a banking licence and aims to be operational within the first quarter of 2010. It is reported the new bank is considering buying assets put up for sale by the Royal Bank of Scotland and Lloyds TSB.
The Pears family has an estimated wealth of £1.5 billion and began in property development in 1952, when the William Pears Group was founded. It is still 100% family owned and managed, although the company portfolio now includes property investment and asset management alongside the original property development business.
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