'Branson & Bingley' Deal Frenzy in Banks' Week of Debt Drama ; Virgin Boss Is Rumoured to Be Planning a [Pounds]1 Billion Swoop for the Leading Lender

Mail on Sunday › April 20, 2008

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Summary

EVER has the banking industry been more fevered. Rumours swept the City last week of billions of pounds worth of deals. One tale even suggested Sir Richard Branson's Virgin Money was planning a bid for [pounds]1 billion Bradford & Bingley. Insiders at B& B's own banker Goldman Sachs admitted to being on alert for an approach from the billionaire.

Virgin flatly dismissed claims that such a deal was in the offing, though some believe B& B is in the market for a deal from someone.

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Extract

'Branson & Bingley' Deal Frenzy in Banks' Week of Debt Drama ; Virgin Boss Is Rumoured to Be Planning a [Pounds]1 Billion Swoop for the Leading Lender

Yet behind such high-octane speculation lies the harsh but dramatic truth - Britain's banks are in turmoil. The Government is planning an unprecedented [pounds]50 billion intervention in the financial system to rescue the mortgage market...

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