Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Wilbur Ross backs Virgin's RBS branch bid

Send a link to a friend

[April 20, 2010]  LONDON (AP) -- U.S. billionaire investor Wilbur Ross will buy a stake in Richard Branson's Virgin Money, backing the British entrepreneur's bid to buy hundreds of branches of the government-owned Royal Bank of Scotland.

HardwareRoss, who made his fortune investing in struggling steel and oil companies, will take a 21 percent stake in Virgin Money for an undisclosed sum through his WL Ross investment vehicle under the deal announced Tuesday.

Virgin says the investment will speed up the expansion of its full service retail bank and help it create a branch network.

RBS was ordered by the European Commission last year to sell 318 of its branches to ensure competition after the government bailout.

Ross adds that he may invest more funds -- up to 10 times his initial investment -- in Virgin.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor