Westminster tight-lipped over Green Investment Bank sale reports

Reports coming out of Australia suggest that the MacQuarrie Group has come to an agreement agreed to buy the bank for $1.22 billion and acquire the entire 100 per cent equity stake.

The reports also suggest MacQuarrie has agreed to fund future investments and to meet the bank’s outstanding capital commitments of around £1 billion.

MacQuarrie is reported to have out-bid a rival bid from a consortium which includes Lloyds Bank – which owns the Bank of Scotland.

The Green Investment Bank, which has senior staff commanding salaries of £250,00, some of the highest within the civil servant, was set up four years ago as part of a deal pushed through by the Liberal Democrats as part of deal when going into coalition government with the Tories.

It is expected that upon the finalisation of any takeover deal that the bank’s head office will be moved south from Scotland to London.

A spokesman for the British energy and industry department (DeBEIS) said: “There is a sale process ongoing. We are unable to comment on the name of any possible bidders nor the size of their bids.”