Virgin Money to bid for Lloyds branches

Richard Branson's Virgin Money has confirmed it's planning to make a formal bid for 600 branches being sold by Lloyds Banking Group.

According to reports, the online bank has held talks with a "handful" of British and US investors and expects to have financing of up to £3bn in place by the end of July.

New bank venture NBNK and overseas lender National Australia Bank are also said to be interested in the Lloyds branches.

Simon Maughan from IMF Global says Virgin money needs a ''bricks and mortar presence'' on the high street to be a ''viable player in the money market''.

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