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Branson gets £100m cash injection
Serial entrepreneur and Virgin founder Richard Branson received a boost with news that American tycoon Wilbur Ross will inject £100m into Virgin's launch into high street banking.
The American billionaire will receive a 21% stake in Virgin money for his investment and is reportedly also ready to put in £500m to help Branson with his ambition of buying more than 300 RBS branches.
Virgin face stiff competition for RBS - which is being partly sold off under competition riles - from several other bidders. However, if Virgins offer fails it still plans to open 70 high street bank branches by 2015 with a loan book of over £10bn.
Post Date: April 7th, 2010
The American billionaire will receive a 21% stake in Virgin money for his investment and is reportedly also ready to put in £500m to help Branson with his ambition of buying more than 300 RBS branches.
Virgin face stiff competition for RBS - which is being partly sold off under competition riles - from several other bidders. However, if Virgins offer fails it still plans to open 70 high street bank branches by 2015 with a loan book of over £10bn.
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Post Date: April 7th, 2010
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