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Sunday, 11 September 2011

Abu Dhabi to back Virgin Money in bid for 632 Lloyds branches - Telegraph

Virgin, which is already bidding for Northern Rock, is considering mounting the second-round bid as it attempts to build a challenger brand to rival the high street banks.

The online bank, which is part of Sir Richard Branson's Virgin empire, did not to make a formal first-round bid for the branches.

The Abu Dhabi Investment Authority (ADIA) is one of five investors backing Virgin Money following a detailed search for new financing by financial advisers, Greenhill.