A senior figure in ex-president Donald Trump’s cabinet is plotting a £700m deal that would see one of Britain’s biggest digital-only banks being listed on the US stock market.
Sky News reports that a SPAC set up by Wilbur Ross, who was Trump’s commerce secretary between 2017 and 2021, is in detailed talks about a merger with Durham-based Atom Bank.
Banking industry sources said this weekend that the discussions were at an advanced stage, although there was no guarantee that an agreement would be reached, particularly against the backdrop of equity markets haunted by soaring inflation and rising fears of recession.
Ross Acquisition II raised $300 million in a March 2021 IPO with initial plans to target companies engaged in EVs, renewable energy and tech. Read more.
