Northern Rock takeover bid by AIG and Virgin Group

by Richard Kilner

Story link: Northern Rock takeover bid by AIG and Virgin Group

Struggling bank Northern Rock could be taken over by a consortium of investors including AIG, it has emerged.

Virgin Group, belonging to entrepeneur Sir Richard Branson, has put the proposal to buy a majority stake in the bank forward and would rebrand the bank as Virgin Money, and allow Northern Rock to retain its stock market listing.

Branson has stated he has built up a strong consortium combining knowledge and expertise that is backed up by financial clout that will be enable to reinvigorate the bank and make it great again.

Details of the sum offered by Virgin for the Northern Rock shares or the size of the stake the group are attempting to buy are unknown.