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Branson approaches Blackstone for Northern Rock bid

Sir Richard Branson has approached  US private equity firm Blackstone about backing a bid for Northern Rock.

According to press reports, Branson, founder of Virgin and Virgin Money, is said to be searching for a partner to  buy up Northern Rock’s good bank.

In November last year Branson was said to have been interested in buying up some of these future assets to help build his newest venture, Virgin Bank.

On Friday Virgin Money agreed a deal to buy small regional private bank Church House Trust which it will use as the platform for its retail banking launch.

The acquisition will provide the platform from which Virgin Money will develop a retail banking business in the UK – offering a full range of products to consumers under the “Virgin Money” brand.

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