Virgin Money ready to launch bid for Royal Bank of Scotland
UK retail banking could be on the brink of some major upheaval with Richard Branson's Virgin Money gearing itself up for a bid for the Royal Bank of Scotland’s branch network.
Virgin is believed to be ready to declare itself as a potential bidder later today, armed with as much as £500 million of fresh cash from billionaire investor Wilbur Ross.
The deadline for bids for the RBoS is today (Tuesday) with the asking price believed to be around £2 billion. Virgin bagged itself a banking licence earlier in the year when it bought the small and twatty Church House Trust for a mere £50 million.
Prior to that, Virgin were linked with a bid for Northern Rock, but interest from Rick Astley, who wants to buy the troubled bank and rebrand it Northern Rick, seems to have muddied the waters.
We made most of that last paragraph up by the way. Other contenders for the RBoS could be Santander, National Australia Bank and Blur.
Again, part of that last paragraph was made up, as this story peters out into nothing much...