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Virgin Money to bid for RBS branches?

Virgin Money to bid for RBS branches?

Category: Banking

Updated: 15/10/2012
First Published: 15/10/2012

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Virgin Money may be planning on extending its branch network even further, with reports suggesting that the bank could bid for over 300 Royal Bank of Scotland (RBS) branches.

It has been reported in the Financial Times that Virgin Money and the private equity group JC Flowers are interested in bidding for the branches following the collapse of RBS's deal with Santander, which was agreed in August 2010 at a price of £1.65 billion.

The deal also included the transfer of 1.8 million retail savers and borrowers from RBS to Santander.

Virgin Money has also recently acquired 75 retail banking branches through its acquisition of Northern Rock, agreed in November 2011.

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