View more on these topics

Virgin Money confirms £150m IPO launch

Virgin Money will become the fourth UK bank to float its shares on the stock exchange this year, with the lender today confirming plans to launch an IPO.

The lender is seeking to raise around £150m through the offering, which will see at least 25 per cent of its shares float on the market. No date has been confirmed for the launch.

Following a successful launch, Virgin Money will make a final payment of £50m to the Treasury as agreed in 2011, when Virgin Money acquired Northern Rock plc. The payment will take the total consideration paid by Virgin Money to the Treasury to £1.02bn.

Bank of America Merrill Lynch and Goldman Sachs have been appointed as joint sponsors for the share launch, while Barclays and Citi will act as joint underwriters.

Virgin Money chief executive Jayne-Anne Gadhia says: “We are delighted to be announcing our intention to float Virgin Money. Over the last three years we have transformed our business. We have expanded our product range, increased our customer numbers, grown our balance sheet and enhanced our profitability.

“We look forward to being a listed company and remain committed to delivering positive outcomes for all of our stakeholders.”

Lloyds Banking Group offshoot TSB and OneSavingsBank have already listed shares on the stock exchange this year, with Aldermore Bank last month announcing its own plans to launch an IPO.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com