The UK’s Virgin Money is out of the race to buy
the 318 Royal Bank of Scotland’s (RBS) branches being sold by the
majority-state owned lender, after being told informally it was
excluded from the auction on 7 May.

UBS, handling the auction on behalf of RBS,
told Virgin not to progress with its proposal.

But RBI understands that the financial
arm of entrepreneur Richard Branson’s Virgin will now pursue
organic growth, with the aim of building a 70-strong branch network
over the next 3 or 4 years.  

Virgin had been one of the four remaining
bidders for the branches, along with Santander, Spanish rival BBVA
and Clydesdale and Yorkshire Banks owner National Bank of

Last month, US businessman Wilbur Ross
acquired a 21 percent stake in Virgin Money for £100 million ($152
million) boosting the bank’s chances of becoming a full-service
retail bank (see RBI

Jayne-Anne Gadhia, chief executive of Virgin
Money, said the investment was a “significant endorsement” of its
plans to build an alternative for consumers in the UK

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.