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Virgin Money looks to be next for AMP sale

Virgin Money looks likely to be the next of AMP&#39s investments to come up for sale as the Australian insurer continues its bid to divest itself of its underperforming UK businesses.

AMP chief executive Andrew Mohl has reportedly said he may consider selling off its 50 per cent stake in the Virgin Money Group. This follows on from the company&#39s announcement in May that it intends to demerge its Australian and UK businesses. At that time, AMP said pension specialist NPI and fund supermarket Ample could be sold.

There has also been market speculation that Old Mutual may be interested in bidding for AMP&#39s UK arm and AMP confirmed in May that it had been approached by bidders for Ample and IFA Towry Law.

Cazalet Financial Consulting principal Ned Cazalet says: “AMP clinging on to Virgin Money while getting out of everything else is unthinkable.”

An industry source says AMP has no intention of divesting its interest in the Virgin venture which it feels has tremendous potential.

Virgin Money says it does not comment on shareholder issues.

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