Virgin knocked out of RBS bid battle

Virgin Money is out of the competition for some-more than 300 Royal Bank of Scotland branches put up for sale to prove the European Commission, it emerged last night.

The auction is right away a true quarrel in between Abbey owners Banco Santander and National Australia Bank, that owns the Yorkshire and Clydesdale banks. Virgin, whose bid was corroborated by US aristocrat Wilbur Ross, had attempted to sell the suggest to the Government that owns 84 per cent of RBS by pledging no bend closures or pursuit losses.

However, it is accepted that it was multiform hundred million pounds reduce than the top bidder, with RBS focused on achieving the top cost probable for the commercial operation as it grapples with restoring itself to monetary health.

The branches, together with the regenerated Williams &Glyns brand, are approaching to fetch in additional of �1bn with Santander rated as the majority expected winner. It could boyant the UK arm to assistance financial a deal.

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