Former StanChart boss said eyeing Lloyd's stake

Jul 06, 2013, 6:42 PM EDT
Mervyn Davies (R), chairman of Standard Chartered PLC, and Peter Sullivan, executive director and CEO of Standard Chartered Bank (Hong Kong) Limited, attend a news conference announcing the bank's 2006 annual results in Hong Kong February 27, 2007.

Mervyn Davies, a former head of Standard Chartered bank, is reportedly forming a consortium of sovereign wealth funds and financial institutions to buy up to half of the U.K. taxpayer's 39% stake in Lloyds Banking Group. Sky News reports that Davies, who is now a partner in U.S. private equity firm Corsair Capital, approached the U.K. Treasury several months ago about buying the Lloyd's stake acquired in the bailout of the bank. The proposed price is said to be around the current share price, which values Lloyds at $70 billion.