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Virgin Money confirms November stock market float

Virgin Money has confirmed it will proceed with its planned share listing on the London Stock Exchange this month.

The lender last month delayed plans for the stock market flotation due to a slump in global equity markets, but has today confirmed it expects a listing will take place by “the end of November”.

Virgin Money chief executive Jayne Anne-Gadhia says: “Our business performance remains strong and on Friday we published our Q3 trading update which demonstrates our continued growth momentum.

“We welcome the clarity provided by the Financial Policy Committee on the leverage ratio, and are please to note that we operate in excess of the recommended requirements.

“Given this and more stable market conditions, we now plan to move forward with our IPO with the aim of being admitted by the end of November. Access to the public capital markets has been a long-term strategic objective for Virgin Money and we are now ready to take this important step forward for our business.”

Challenger bank Aldermore cancelled its own plans for an IPO launch last month, also citing challenging stock market conditions, while supermarket giant Tesco is rumoured to be considering a partial-listing of its banking arm.


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