Invesco Perpetual and M&G pledge £95m for bank IPO

Invesco Perpetual and M&G have pledged to invest £95m in a new UK bank launch, according to The Daily Telegraph.

Walton & Co, the lender being set up by Panmure Gordon analyst Sandy Chen, has received letters of intent from the two managers to invest in the planned flotation. Invesco Perpetual has offered to invest £40m to £50m, but does not want to own more than 29.5%. M&G will invest up to £45m, but does not want a stake of more than 15%. Last week, Walton & Co began marketing a potential £200m listing on the London Stock Exchange. The funds will be used as capital for new lending and to begin a roll-out of branches in market towns in the South-East England. Chen is pitching the business as...