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Virgin lines up financing for RBS bid
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.
Latest News & Stories
- Spain's Prado loses 885 peices of art
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- Travel authorities call for responsible tourism in Spain after sex scandal
- Spain's AENA appoints banks for IPO
- Spain sets another record for foreign tourism
- Gibraltar says data proves Spain border queues are deliberate
- BBVA to buy Spain's nationalized Catalunya Banc
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