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.