Virgin Money, the Edinburgh-based bank founded and partly owned by entrepreneur Richard Branson, said today that it plans to raise £150 million from a stock market listing in London.
Branson’s Virgin Group and WL Ross, a US-based investment vehicle, collectively own just over 90 per cent of Virgin Money.
The bank said those two parties will sell shares, along with the company itself, in a bid to boost its capital strength.
Virgin will pay £50 million to the UK Treasury on completion of the offer, under the terms of its purchase of Northern Rock in 2011.
It added that the share sale would support its plans for growth and further improve its ability to recruit and retain top staff.
Virgin Money has 75 branches throughout the UK and has around 2.8 million customers.