Sir Richard Branson's Virgin Money is to acquire Britain's Northern Rock bank in a deal backed by Abu Dhabi-linked investors.
The UK Treasury said yesterday it would sell the bank to the British magnate for £747 million (Dh4.3 billion) after taking over the mortgage lender in 2008. The deal represents a significant loss on its original investment.
Stanhope Investments,a fund based in Abu Dhabi, is one of Virgin's investors. A Virgin Money spokesman confirmed that Stanhope Investments was one of the backers of the deal but declined to give details.
More private players are entering the banking sector.
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