Aim-quoted activist investor Crystal Amber Fund has bought further shares in NBNK Investments following the departure of Wilbur Ross from the board.
Crystal Amber has increased its stake to 28.2%. It has taken advantage of the drop in the share price in October.
Wilbur Ross stepped down as chairman of NBNK in order to take up an appointment as a director of Bank of Cyprus.
His company WL Ross subscribed for £6.27m of shares in NBNK at 39p each at the beginning of 2013 and it has been seeking an acquisition for NBNK in the financial services sector.
At 38.5p a share, NBNK is valued at £20.7m. There was a £105,000 cash outflow in the six months to June 2014, and there was still £20.1m in the bank.
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