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Quayle Munro advises the Virgin Group on the investment by WL Ross & Co in Virgin Money

01 April 2010 in News & Insights

Quayle Munro Limited is pleased to announce that it has advised the Virgin Group on the investment by WL Ross & Co LLC (“WL Ross”) in Virgin Money Holdings (UK) Limited (“Virgin Money”). Under the agreed terms, WL Ross will commit to £100m of new capital to Virgin Money and will become a 21% shareholder in the company. The transaction and related board appointments remain subject to FSA approval. The strategic investment by WL Ross will provide new capital to allow Virgin Money to accelerate the expansion of its full-service retail bank and the creation of a branch network. It also provides WL Ross with the option for further investment should an appropriate acquisition opportunity present itself.

Andreas Wesemann, Managing Director at Quayle Munro, commented: “Quayle Munro is delighted to have advised the Virgin Group on the WL Ross investment in Virgin Money. The long-term relationship that Quayle Munro has had with Virgin typifies the kind of partnership we are seeking to develop with our clients – where we aim to contribute to the successful development of a business over the course of many years through strategic transactions as well as organic growth initiatives and investments. We are convinced that Virgin Money will develop into a major force in UK banking in the future.”

Sir Richard Branson, Founder of the Virgin Group, said: “I am delighted that WL Ross has decided to invest and partner in our vision for a new way of banking. Our ambition is to make everyone better off through good value and transparent products backed by great customer experience.”

Jayne-Anne Gadhia, CEO of Virgin Money, said: “The investment from WL Ross is a significant endorsement of our banking plans and will help Virgin Money build a real banking alternative for consumers in the UK market.”

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