The article “Wilbur Ross and Virgin Money in RBS bid” talks about the British businessman Richard Branson who wants to buy a part of the banking network of the Royal Bank of Scotland. According to a British newspaper he could count on support of the American billionaire Wilbur Ross.
They have said that Wilbur Ross would be ready to invest 112 billion £ in Virgin Money which is a financial subsidiary company of Branson. Nowadays Virgin Money has around 1.7 billion customers and around 5% market share in the UK. In my opinion these figures aren’t bad at all and there is a huge potential to grow in the future.
Nowadays Mister Ross makes a lot of money by investing in coal and steel and other companies, especially high technological companies.
Branson is very pleased that he has found an ally to buy RBS. Mr Ross is convinced that Virgin Money will be one the big winners due to the take-over. I have my doubts with this take-over because I think both “companies” have not the same objectives and it will be difficult to become on the same line.
The Bank RBS, which has received billions of government support to remain intact in the financial crisis and face the hard economic times is ordered by the EU to sell a large part of their assets and this is a huge drain for the Scottish Bank because they will lose their insurance department.
Virgin Money has refused to give any reaction on the articles published in the newspapers. We have to wait what the future will bring for Virgin Money but it is generally known that there are other possible buyers for example the Spanish bank Santander.
This blog is based on following article:
http://news.bbc.co.uk/2/hi/business/8603324.stm
De Bruycker Mathias
2FV4
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