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Virgin lines up financing for RBS bid

Source: Reuters - Mon 22th Mar 2010

Virgin Money has secured financial backing as it seeks to press ahead with a bid for British banking assets, the Daily Express reported on Monday.

The consumer credit arm of Richard Branson's Virgin group has arranged financing from Abu Dhabi-based sovereign wealth funds and private equity firm Blackstone, ahead of a bid for 320 Royal Bank of Scotland branches the paper said.

Other suitors looking at the RBS branches include Spain's Santander, eager to expand its business banking footprint in Britain and National Australia Bank sources have told Reuters.

Virgin Money entered Britain's retail banking market earlier this year after agreeing to buy a small provincial bank, Church House Trust, in a 50 million pounds deal.

No one at Virgin Money could immediately be reached for comment.

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