Question

To ask the Secretary of State for Business, Innovation and Skills, which investment bank or banks his Department has had discussions with on the proposed privatisation of the Green Investment Bank.

My Department is receiving financial advice on the proposed transaction from Bank of America Merrill Lynch (BAML) and Herbert Smith Freehills are providing legal advice. UK Green Investment Bank plc (GIB) is separately receiving its own financial advice from UBS and legal advice from Slaughter & May.

The detail of discussions with potential investors is commercially confidential but I can confirm that GIB, UBS and BAML have had initial discussions with a number of institutional investors to test the likely level of interest in acquiring a stake in GIB. As a result, we believe the time is now right to explore the scope for a sale. We will only proceed with a transaction if satisfied it delivers value for money to the taxpayer.