BGN Entrepreneur

Wilbur Ross, the American tycoon, has confirmed a cah injection of £100 million for Virgin as the group gears up to launch into high street banking. The billionaire will take 21% stake in Virgin Money through his WL Ross investment vehicle.
Virgin is expected to face stiff competition for RBS, which is being partly sold off under competition rules. Bidders for RBS’s property porfolio and other assets are thought to include Santander and National Australia Bank, which owns the Clydesdale and Yorkshire banks.
Even if Virgin’s offer fails, the group still plans to open 70 high street branches by the year 2015 with a £10 billion loan book.

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