UBS Group (UBS) and Deutsche Bank (DB) are working on First Central Group's potential initial public offering in the UK, Bloomberg reported Thursday, citing sources familiar with the matter.

Sources told Bloomberg that First Central also signed Fenchurch Advisory Partners as financial adviser for the IPO and that the offering could value First Central at nearly 1 billion British pounds ($1.33 billion).

The IPO plan is not yet finalized and remains subject to changes, according to the report.

UBS Group, Deutsche Bank, and First Central Group did not immediately respond to MT Newswires' requests for comments.

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