Macquarie Said Planning Split, Not Strip, for U.K. Green Bank

U.K. Green Investment Bank Plc, the state lender put up for sale by the government, will be dramatically restructured if it’s sold to Macquarie Group Ltd., according to two people familiar with the matter, Bloomberg News reported. Australian bank Macquarie, seen as one of the most likely buyers, would divide the Green Investment Bank, or GIB, into at least two units, according to the people, who asked not to be identified because discussions are confidential. One or more would manage existing loans while another would work on deals yet to reach financial close, the people said. The bank may also dispose of some assets. The deal has run into political opposition amid claims by some lawmakers that Macquarie wants to “asset strip” the bank, something the Australian lender denied in a statement Wednesday. The company didn’t comment on whether it would restructure GIB. Nonetheless, the plan to split the bank may lead to questions about Macquarie’s long-term plans to maintain clean-energy lending. Read more.