Virgin Money Bidding for RBS Branches

Billionaire investor Wilbur Ross said he would be pooling in $760 million to support Virgin Money in its bid to buy the branch network of Royal Bank of Scotland, a report says.
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LONDON (

TheStreet

) -- Billionaire investor

Wilbur Ross

said Sunday that he would be pooling in $760 million to support Virgin Money, the consumer-credit arm of

Virgin Group

, in its bid to buy the branch network of

Royal Bank of Scotland

(RBS) - Get Report

, 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.

Reuters

reports other potential bidders for the branches include Spanish bank

Santander

(STD)

.

Ross declined to comment on the total bidding price for the RBS branches, but Britain's

Sunday Times

and

Sunday Telegraph

put the expected bid price at $3 billion.

"The UK banking system is clearly going to go through a big overhaul," Ross told

Reuters

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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