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Wilbur Ross pledges £500 million to Virgin Money investment

Wilbur Ross, the US billionaire, has today confirmed he is ready to invest an additional £500 million into the Virgin Money operation if Richard Branson decides to go ahead with a £2 billion offer for the Royal Bank of Scotland branch network. The official announcement is expected tomorrow as we approach the deadline for bids for the branch network which has been put up for sale at the bequest of the European Union.

While Richard Branson is grabbing all of the headlines regarding a proposed offer for the Royal Bank of Scotland network there are a number of other rumoured bidders in the background. It isn't clear at this moment in time whether Richard Branson will be successful with regards to a proposed offer but there is no doubt that with the backing of Wilbur Ross he is certainly looking to shake up the UK banking arena.

There have been many rumours regarding Richard Branson and a move into the UK banking arena although until now his Virgin Money operation has not exactly set the world alight. Whether we stand on the verge of a new era in the UK banking sector remains to be seen but the UK government is encouraging as much change as possible.

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