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.
Opportunity to purchase a reputable law firm in Scotland, offering a strong client base and extensive expertise in various legal services.
A prestigious law firm with an expert team, offering unparalleled opportunities in mergers and acquisitions, banking, and financial law.
A thriving CCTV and business technology provider in the North West is experiencing a surge in demand for its specialised services.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.