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 LOL: 'Worst kind of company': Alarm in Britain over bank's proposed takeover of UK's Green Investment Bank

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PostSubject: LOL: 'Worst kind of company': Alarm in Britain over bank's proposed takeover of UK's Green Investment Bank   Wed Dec 21, 2016 10:26 pm

A bipartisan coalition of former and serving British MPs has raised alarm about Macquarie Bank buying up the UK's Green Investment Bank, with the former business secretary saying the Australian investment bank is the "worst kind of company" to be acquiring the £2 billion ($3.4 billion) fund.



MPs expressed fears that Macquarie Bank, known in Australia as the "millionaires factory", would acquire the Green Investment Bank (GIB) only to strip it of its most profitable parts, abandoning its environmental purpose. †Initially Parliamentarians had feared that if owned privately the Green Bank would expand beyond its remit. †But sources said that with Macquarie Bank as the likely owner, the fear is now that the Green Bank will be chopped up and sold off according to its financing arrangements, a practice known as "asset stripping" which would trigger a flight of staff and destroy the Bank's ability to carry out it's green mission.

http://www.smh.com.au/business/banking-and-finance/worst-kind-of-company-alarm-in-britain-over-macquarie-banks-proposed-takeover-of-britains-green-investment-bank-20161221-gtg55k.html
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LOL: 'Worst kind of company': Alarm in Britain over bank's proposed takeover of UK's Green Investment Bank

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