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RBS buys rest of Virgin One

Royal Bank of Scotland has confirmed plans to buy the rest of mortgage lender Virgin One from joint owners Sir Richard Branson and Australian giant AMP for £100m.

RBS, which owns 50 per cent of Virgin One, says it has agreed with both Branson and AMP to acquire their respective 25 per cent stakes as part of its strategy to expand into the current account mortgage market.

RBS intends to distribute the loans through its branches and IFAs under the Virgin One brand.

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