- 9 updates
Virgin Money is being heavily linked to a bid for the network of Royal Bank of Scotland branches that failed to be bought by Santander.
The Sir Richard Branson-backed bank, which took control of nationalised Northern Rock in January, was said to have been "very keen" on the business when it was up for sale in 2010 and is now considering the opportunity to rebid.
Buying the RBS division would more than quadruple Virgin's branch network and add a small and medium-sized business bank to its offering.
Virgin Money, the UK financial services firm that last year bought Northern Rock, would be "very interested" in taking a look at a portfolio of 316 branches that Royal Bank of Scotland has put back up for sale, a source said.
The source said Virgin Money is keen to grow further after the Northern Rock deal and would take a look at the business on offer, but whether it would pursue a deal would depend on issues like integration prospects and price.
Santander on Friday pulled out of the £1.65 billion ($2.65 billion) deal to buy the RBS branches, which come with 1.8 million customers, more than two years after it was struck, blaming delays in its completion.
Thousands of workers are facing mounting uncertainty over their jobs after the collapse of a proposed sale of Royal Bank of Scotland branches to Spanish banking giant Santander, it warned.
Unite called on the government to press the European Commission to lift its requirement for RBS to sell 316 branches and other assets.
Gail Cartmail, Unite's assistant general secretary, said:
- Royal Bank of Scotland planned to sell 316 branches to Santander.
- That included 311 branches in England and Wales and five NatWest branches in Scotland.
- The deal was announced in August 2010 and was expected to be completed at the end of 2011.
- The sale had been ordered by the European Commission after a state rescue for RBS.
- Santander reportedly paid £1.65 billion for the RBS deal.
Latest ITV News reports
Thousands of workers are facing mounting uncertainty over their jobs after the collapse of a proposed sale of RBS branches to Santander.
The chief executive of the RBS said it was "disappointing" that a proposed sale of 316 branches to Santander had collapsed.