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Smaller UK banks seen merging to gain scale

Tue, Dec 02, 2014 - 5:50 AM

Virgin Money may still be in a stronger position than some other lenders in a period of consolidation, sharing a well-known brand that stretches from air travel to soft drinks.

PHOTO: BLOOMBERG

London

EVEN billionaire Richard Branson may need a partner to stand a chance of taking on Britain's largest banks. Lawmakers are encouraging the growth of lenders such as Virgin Money Holdings (UK) plc, backed by Mr Branson, to challenge the dominance of Royal Bank of Scotland Group plc,...