Virgin Money, JC Flowers Bid for RBS Branches

Richard Branson’s Virgin Money and US private equity group JC Flowers have submitted bids for 316 UK bank branches being sold by RBS, sources familiar with the matter told Reuters Friday. But Britain’s biggest customer-owned financial services group, Nationwide, which previously indicated an interest in the branches, did not proceed with a bid, its spokesman told Reuters.

(Reuters) – Richard Branson’s Virgin Money and US private equity group JC Flowers have submitted bids for 316 UK bank branches being sold by RBS, sources familiar with the matter said on Friday.

But Britain’s biggest customer-owned financial services group, Nationwide, which previously indicated an interest in the branches, did not proceed with a bid, its spokesman told Reuters.

UBS received non-binding first round bids on behalf of RBS at noon on Thursday, three sources familiar with the process told Reuters.

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