Mon, 15 Oct 2012 | DIVISION SALE
It has been confirmed that Virgin Money has entered "informal" discussions with the Royal Bank of Scotland regarding the possibility of taking over more than 300 of the bank's branches.
RBS had originally planned to sell the branches to Santander, but the Spanish bank put an end to that after stating this month that the deal was taking too long to complete. Further reports from the BBC suggest that Santander was also having IT problems with RBS.
It was a source from Virgin Money that informed the BBC that contact had been made between the two financial groups, although RBS is thought to have initialised contact. It is believed that there is also at least one other company that has shown interest in the RBS branches and some of its other assets, which together are thought to have an original sale price of £1.65 billion.
Virgin has a history of taking on struggling banks an in 2008 took control of Northern Rock and rebranded its 75 branches after the firm was nationalised in 2008.
Richard Branson's company was also among the first to have shown interest in RBS when the RBS business first came up for sale in 2010, however, it lost out to Santander.
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