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Is Virgin Money out of the running in the RBS branch sale?

Unofficial sources have claimed that Virgin Money has been dropped from the final three bidders in the ongoing Royal Bank of Scotland branch sale. It is believed that Santander, BBVA and National Australia Bank are the three remaining companies in the running with Virgin Money apparently dropping out due to the level of the company's bid.

This would be a bitter blow for Richard Branson and the UK government with many automatically assuming he would play a prominent role in the UK banking sector of the future. It now appears as though his often unconventional business methods will have to wait a little longer before they are tested in the UK mainstream banking arena. However, those who write off Richard Branson do so at their own risk because this is a man who has risen from the dead on numerous occasions.

While there will be disappointment at Virgin HQ, if the rumours are correct, it is worth remembering that Richard Branson was granted a UK banking licence earlier this year. His is a name we will be seeing more of up-and-down UK high streets and in the arena of online banking.

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