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Branson asks Chinese to help fund Northern Rock bid

Sir Richard Branson is in talks with Chinese investors in an attempt to secure further funding for Virgin Money’s Northern Rock bid.

The Daily Telegraph reports Branson (pictured) is asking the China Investment Corporation to add to the £500m pledged to Virgin Money by American tycoon Wilbur Ross. The purchase of Northern Rock is expected to cost around £1bn.

CIC currently invests in Blackstone Group, Morgan Stanley, Visa and GDF Suez.

The proposed sale of Northern Rock was announced by Chancellor George Osborne in the summer.


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