) -- Billionaire investor
said Sunday that he would be pooling in $760 million to support Virgin Money, the consumer-credit arm of
, in its bid to buy the branch network of
Royal Bank of Scotland
, a report says.
After finishing talks over the weekend, Ross said that he has invested $152 million in the consumer credit company. The deadline for bids for the branches is Tuesday.
Virgin Money couldn't be reached for comment.
reports other potential bidders for the branches include Spanish bank
Ross declined to comment on the total bidding price for the RBS branches, but Britain's
put the expected bid price at $3 billion.
"The UK banking system is clearly going to go through a big overhaul," Ross told
by telephone. He added that the support could also be for another institution if Virgin Money doesn't win the bidding.
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