VIRGIN Money, the lender backed by Sir Richard Branson, has launched on the stock market with a valuation of around £1.25 billion. The Newcastle-based company priced its shares at 283p after it revived the listing due to improved stock market conditions. Virgin acquired the ‘good’ part of the former Northern Rock, while the ‘bad’ part of the bank was subsumed into Crossflatts-based UK Asset Resolution which also runs for the former Bradford & Bingley mortgage book.
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