There's been a lot of activity by private equity firms to buy up troubled banks as of late. IndyMac was only the beginning. While it's a rough road to ownership in the United States--the regulatory landscape is still tricky--the appeal remains strong. Especially across the pond.

Reuters reports that no less than Blackstone Group has applied for a bank license in Britain. Blackstone is in a partnership of some sort with fund manager Cambridge Place to start up a venture known as The Home and Savings Bank. The launch date could be as early as the first quarter.

One source told the news service: "The rationale is that with the banking industry under pressure in the U.K., there is a window for a very traditional banking model focused on savings and mortgages." A contrarian play right now, but the best time to invest is often at the market's nadir. The window of opportunity has no doubt been noticed by others. British private equity firms may follow Blackstone's lead and jump in while the water's warm.

For more:
- here's the article

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