the rolling stock leasing company owned by Abbey, will be sold in a
deal worth between £1.4bn and £2bn, to a group led by Deutsche
Bank.
Although an Abbey spokesperson declined to comment on the sale,
it is believed that the fleet could be sold to boost Santander’s
capital base.
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Deutsche Bank’s structured credit department is leading the
deal, with Lloyds TSB and BNP Paribas supporting.
Porterbrook has a fleet of 5,500 including electric and diesel
locomotives, high-speed trains and freight wagons; which it leases
to 17 of the UK’s 24 train operators.
Earlier this year, Angel Trains was sold by RBS to a consortium
led by Babcock & Brown for £3.6bn. Deutsche Bank was one of the
banks that backed the deal.
Separately, HSBC has appointed NM Rothschild to conduct a
strategic review of its HSBC Rail business, acquired eight years
ago – which could also lead to a sale.
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