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Report: Atom Bank in talks to appoint adviser ahead of potential takeover

British challenger bank Atom Bank PLC is looking to hire Citigroup Inc. to advise its board on its business options, Sky News reported Jan. 14.

Banco Bilbao Vizcaya Argentaria SA, which is the majority shareholder in the digital lender, has an option to acquire the remaining shares in the bank, according to the report.

The Spanish lender raised its stake in Atom to around 39% following a £149 million funding round in March 2018.

Should BBVA choose not to exercise its option to acquire Atom in the coming months, the U.K.-based bank will likely carry out a further funding round or a stock market listing by the autumn, sources told Sky News.