Branson's Virgin set to bid for 316 RBS branches

Virgin Money is poised to bid for 316 branches Royal Bank of Scotland branches, after a deal with Santander collapsed.

The Spanish bank has walked away from from the £1.65bn deal despite two years of negotiations following its agreement to purchase the unit in August 2010. RBS - which was ordered by the European Commission to sell the branches because it receives state-aid - now has 15 months to find a new buyer. Billionaire Richard Branson's Virgin Money is understood to be plotting a new offer, having made a preliminary approach on Friday. Others are also reported to be interested. The Sunday Telegraph reports NBNK will also have a look at the unit, despite having told shareholders it will return...