HomeEconomySoftBank-backed OakNorth leans towards U.S. IPO in overseas push Economy SoftBank-backed OakNorth leans towards U.S. IPO in overseas push By farahat March 8, 2023 0 72 views Share FacebookTwitterPinterestWhatsApp PNC -0.% Add to/From Watchlist delete Add to watch list Add position Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: By Pablo Mayo Cerqueiro and Lawrence White LONDON (Reuters) – OakNorth is leaning towards a U.S. listing, as Chief Executive Rishi Khosla told Reuters that the British bank It is considering ways to achieve growth in the world’s largest economy, including obtaining a local financial license in the United States. The outlook for the U.S. list came after chipmaker Arm said it would list in New York despite government efforts to keep it at home. A deal for one of the UK’s largest and most successful fintech companies will be a blow to London. OakNorth’s U.K. banking operations have been closed since sources familiar with the matter told Reuters. has been profitable since , may be listed as soon as possible in the next time months. Khosla played down the timeline for an initial public offering (IPO), saying instead that the company would go public “sometime in the future,” but did not Rush to do so. Japanese conglomerate S oftBank Group, which holds an undisclosed stake in OakNorth and controls Arm, declined to comment. Khosla said the lack of a domestic investor base focused on high-growth technologies made London an unattractive listing location for OakNorth. The comments mark a significant shift from previous interviews in which Khosla expressed a preference for London as a listing location. OakNorth runs a merchant bank in the UK with over £4 billion ($4). billion) assets and provides its technology to lenders elsewhere, including U.S. credit institutions such as PNC Financial Services Group (NYSE: 440 Police ) and modern banks. it wants to be in the US and Khosla said it was “open” to seeking a banking license there, suggesting this could be done through acquisitions. OakNorth declined to comment on the type it could seek permission. Foreign banks can operate in the United States through state or federal banking licenses, which they can apply for or obtain through acquisitions of local credit institutions. OakNorth, this is due to the file 73 accounts for the next few weeks, despite a slowdown in the UK economy and a sharp rise in inflation, so far little has happened credit default. The lender reported a 0 default rate on the loan. % relative to industry average 0.% exist52. Khosla said the number would go up, “but not materially,” at 200 Data coming soon. This puts it in a good position to acquire another bank in the UK, possibly snapping up one of the digital-only neobanks, Khosla said. Not more specific. “We feel good about our business, we’re in a solid position…it’s going to be an easy nine for us in cash several acquisitions,” he said, adding that the group could also use its own shares to help finance the deal. Oak North was most recently valued at $2.8 billion 50 When SoftBank leads $ millions of cash into the “financial technology” group. Since then, tech valuations have surged before plunging last year on rising interest rates and a slowing economic outlook. European bank stocks have rebounded nearly 07% Against the backdrop of rising interest rates last year, while the Dow Jones U.S. Bank Index fell 8% over the past year months. OakNorth declined to comment on its valuation, but said It considers New York-listed Nubank to be its closest peer. ($1=0.1000pound) 500 Share FacebookTwitterPinterestWhatsApp Previous articleHow Undiscovered Upstart TV Banner Seekers Are Driving Greater LGBTQ Representation (via SXSW-Bound Magic Fridge)Next articleIn/Specter Season 2 ‒ Episode 21 farahat RELATED ARTICLES Economy Italy's scramble for depositors' cash could threaten bank profits May 31, 2023 Economy Marketmind: Back to data watch, US debt bill on track May 31, 2023 Economy U.S. clamps down on sensitive export requests to China May 31, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. 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