Sir Richard Branson is poised to pull the trigger on a stock market listing of Virgin's banking arm that City insiders predict could value it at up to £2bn. Sky News has learnt that directors of Virgin Money are in talks with advisers about announcing an intention to float as soon as early October, as they look to exploit strong current trading and investors' appetite to buy shares in the company.
A final decision about the timing of an initial public offering (IPO) will not be taken for several weeks and it remains a strong possibility that Virgin Money could opt to wait until next year, according to people close to the company. If it does press the button on a listing this year, Virgin Money, which has more than four million customers, would become the third so-called challenger bank to sell shares on the London Stock Exchange this year. One Savings, which does not offer current accounts, listed during the spring, while TSB was spun out of Lloyds Banking Group as part of the bank's state aid settlement with Brussels triggered by its taxpayer bailout in 2008.
Rotterdam, 30/08/2014-INC News (via SkyNews)
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