Virgin Money will assume ownership of 75 Northern Rock branches.
Branson shared his thoughts on the deal: “Banking in the UK needs some fresh ideas and an injection of new competition. I’m delighted we will get the chance to work with the loyal staff of Northern Rock to create a new force in the market. Virgin has a history of entering new sectors to improve service and provide value for customers. We plan to do the same in banking.”
Wilbur Ross, a 21% stakeholder in Virgin Money, helped finance the acquisition as Virgin Money’s lead partner through his WL Ross & Co. LLC. In this morning’s statement Ross voiced his approval alongside Branson, calling Virgin Money and Northern Rock “an excellent fit.”
Best Regards-M.f.g-Saludos-v.h
