Yorkshire and Leeds building societies weigh bids for Atom Bank – report

Yorkshire Building Society and Leeds Building Society are among the organisations examining a imaginable acquisition of Atom Bank, reported Financial Times citing sources.

The integer lender, whose shareholders see BBVA of Spain and Toscafund, has hired Jefferies to oversee a sale, the radical said.

The owners are seeking a valuation of much than £600m for Atom, which serves astir 250,000 customers.

Interest from the 2 communal lenders reflects a wider signifier successful which UK gathering societies person pursued deals to summation their scale, fortify their presumption against larger banks and widen the scope of services offered to customers.

Atom was established successful 2014 arsenic an online slope and has developed important savings and owe operations.

It has, however, remained smaller than retail fintech rivals including Revolut and Monzo, which person 70 cardinal and 15million customers respectively.

Atom had antecedently planned to question a banal marketplace listing, but the owners aboriginal chose to research a disposal instead, the quality work noted.

Recent transactions successful the assemblage see Nationwide’s £2.9bn ($3.9bn) acquisition of Virgin Money successful 2024, which added a concern banking limb and accrued its owe assets.

Coventry Building Society besides acquired the Co-operative Bank for £780m past year.

Yorkshire Building Society, founded successful 1864, has grown into 1 of the UK’s largest communal institutions and has 3.1mn members.

It reported pre-tax nett of £377.9mn past twelvemonth and said its indebtedness publication roseate to £10bn. Leeds Building Society recorded nett earlier taxation of £198.6mn implicit the aforesaid period.

Atom, Leeds Building Society, Yorkshire Building Society and Jefferies declined to comment.

"Yorkshire and Leeds gathering societies measurement bids for Atom Bank – study " was primitively created and published by Retail Banker International, a GlobalData owned brand.

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