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Monday 31st of May 2010

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May 10, 2010

Virgin priced out of RBS branch sale

by Gill Montia

Story link: Virgin priced out of RBS branch sale

Virgin Money’s plans to acquire 318 branches from Royal Bank of Scotland (RBS) are reported to have been scuppered by a price tag of over £2 billion.

RSB needs to sell the network to appease the EU competition commission.

National Australia Bank, Santander and other Spanish banking group, BBVA, are all understood to be retaining their interest, whereas Virgin is expected to turn its attention to Northern Rock and branch disposals yet to be made by Lloyds Banking Group.

In January, Virgin acquired private bank Church House Trust as a launch pad for its ambitions in the UK retail banking sector.

The move was followed by the appointment of former RBS executive, Finlay Williamson, as Virgin Money’s chief financial officer.


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