Is Richard Branson targeting Northern Rock?
As we covered earlier this week, Richard Branson, via his Virgin Money subsidy, is looking to obtain a banking licence for the UK. While the company would have you believe this is just a natural progression, when you bear in mind the operation has exposure to credit cards and the like, there are many who believe this is the first step towards an acquisition of state-owned Northern Rock.
Those who followed the issue closely will be well aware that Northern Rock was on the verge of being acquired by Richard Branson only for the UK government to step in at the last minute and bail out the company with taxpayer funding. However, it is well-known that the UK government is looking to spin off the risky and less risky areas of Northern Rock as two separate entities, something which may interest Virgin Money and Richard Branson.
While he may have a controversial past, there is no doubt that Richard Branson is a mover and shaker in the UK business arena and is not afraid to do things a little differently. If he was able to acquire a UK banking licence this may inject a new form of competition into the UK financial sector and could offer new opportunities for UK consumers. Nobody quite knows how to handle Richard Branson and nobody quite knows what he is looking to do next!
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