US tycoon backs Virgin Money bank move
VIRGIN Money today confirmed a £100m boost from US tycoon Wilbur Ross as it gears up to launch itself into high street banking.
The American billionaire, who made his fortune investing in struggling steel and oil companies, will take a 21 per cent stake in Virgin Money through his WL Ross investment vehicle as part of the deal.
Virgin said the investment would provide fresh capital to allow it to speed up the expansion of its full service retail bank and help it create a branch network.
The firm is thought to be making a play for the UK high street with a bid for 318 Royal Bank of Scotland branches being sold off under competition rules.