Sir Richard Branson's Virgin Money is said to be close to purchasing the nationalised UK lender Northern Rock.
According to a report in the Sunday Times, Virgin is said to be front runner ahead of banking venture NBNK, which is headed up by Lord Levene and former Northern Rock CEO Gary Hoffman.
Final bids are due this week for the Newcastle-based bank, which UK taxpayers propped up with £1.4 billion following its collapse in 2007.
Virgin’s other rival for Northern Rock is US private equity firm JC Flowers; however, its bid is reportedly on the brink of collapse.
Established in 1995, Virgin Money is the banking division of the Virgin Group and currently has over three million customers. The company offers payment cards, savings and investments, general insurance products and life assurance products to the UK market.
