Former Northern Rock chief bids to create bonus-curbing bank

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A FORMER Northern Rock chief is hoping to take charge of more than 600 Lloyds branches to create a bank which would curb fat-cat bonuses.

Gary Hoffman is heading an offer by NBNK, thought to be worth about £1.7billion, which aims to pip front-runners the Co-op to the 632 branches Lloyds has to offload as a penalty for its tax-payer bailout.

Mr Hoffman, who quit the nationalised Northern Rock to join NBNK, said: “Our objective is to create a new, large challenger bank and brand that will shake up UK high street banking, operating in the interests of customers.”