Virgin's Richard Branson Is About To Make A Big Move Into Banking

Billionare Entrepreneur Richard Branson has said that he will make a bid for British bank Northern Rock. The businessman told Sky News that he is set to spend millions of pounds preparing his bid.

“We will be spending many millions of pounds looking at both Northern Rock and the 600 Lloyds branches that have been put on sale.”

The British Chancellor George Osbourne announced that the Treasury will sell off the Government’s stakes in some of Britain’s biggest banks.

He said that any interested parties can bid for stakes in these institutions.

According to Sky News, other possible bidders include the Coventry and Yorkshire building societies, Tesco Bank, National Australia Bank and investment groups NBNK, JC Flowers and Olivant.

Northern Rock Plc has an estimated market value of around £1billion.

Richard Branson owns Virgin Group, which is made up of more than 400 companies including Virgin Radio, Virgin Wines and Virgin Atlantic Airlines.

View the whole interview on the Sky News website>
This post originally appeared on The Journal.

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