Very Group Initiates Strategic Review for Ownership Options

The Reserve Bank of India (RBI) is favoring strategic owners for Yes Bank, with potential bidders including Mitsubishi UFJ Financial Group, SMBC, and Emirates NBD. The RBI is reviewing proposals from investors as State Bank of India, holding a 24% stake, requires RBI approval for any stake sale. Meanwhile, The Very Group is preparing for a potential sale valued around £2.5 billion, having appointed banks like Barclays, JP Morgan, and Morgan Stanley to oversee a strategic review. Insiders suggest that while refinancing is a possibility, a sale is more likely due to the group's attractive technology-driven financial services. The Very Group, which operates brands like Very and Littlewoods, generates annual sales of £2.15 billion, with £420 million from its financial services. Former Chancellor Nadhim Zahawi now chairs the group, marking a shift in leadership as the Barclay family's long-standing ownership comes into question.