virgin to bid for rbs
The Daily Express has reported that Virgin Money have secured the financial backing required to launch a bid for the British banking assets of 320 Royal Bank of Scotland (RBS) branches, as the company seeks to increase it’s foothold in the retail banking market.
Virgin Money will face stiff competition for the RBS business as other suitors looking at the branches for sale include Spain’s Santander, who are looking to increase their own share of the UK market and the National Australia Bank.
Virgin are reported to have lined up financial backing for their bid through Abu Dhabi based sovereign wealth funds and the private equity company Blackstone.
Virgin may have the funds sorted but their experience in the banking market is still in it’s early stages, having entered into the business earlier this year with the purchase of Church House Trust in a £50 million deal.
This should not be held against them in the RBS bid as Virgin have shown time and time again that they are able to learn the market quickly and have become market leaders in most of their chosen business investments.
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