REPORTS suggest a senior member of Donald Trump's Cabinet is hoping to secure a £700m deal to list one of Britain's biggest digital-only banks on the US stock market.

Sky News has said a special purpose acquisition company set up by Wilbur Ross, the former US president’s commerce secretary between 2017 and 2021, is in detailed talks about a merger with Atom Bank, which is based in Durham.

It is understood discussions were at an advanced stage, but it is not clear whether an agreement would be reached, amid soaring UK inflation and fears of an economic recession.

If it does go ahead Atom Bank join the likes of Cazoo, the digital car-buying platform, and Vertical, an aerospace company started by Ovo Energy entrepreneur Stephen Fitzpatrick.

Sky News reported that Atom Bank could potentially agree to merge with Ross Acquisition Corp II, a SPAC which listed on the New York Stock Exchange last spring.

It is understood the deal would probably take around six months to complete.

Mr Ross and Atom Bank have not commented on the potential deal.


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