By Mark Kleinman, City Editor
Sir Richard Branson's banking arm is to announce plans for a £2bn stock market flotation next week which will trigger a fresh windfall for British taxpayers.
Sky News has learned that directors of Virgin Money aim to unveil its intention to float within days, although a final decision will not be taken until the weekend.
The move would make Virgin Money the fourth bank to float this year, following the demerger of TSB from Lloyds Banking Group and the listings of OneSavings and Aldermore, which announced its own plans earlier this week.
Scotland's rejection of independence in last week's referendum and Virgin Money's strong recent trading has persuaded the bank's board to press ahead with a flotation now, rather than waiting until the new year.
Virgin Group and WL Ross, a US-based investment vehicle, collectively own just over 90% of the bank, and will reduce their stakes in order to comply with listing authorities' requirements relating to the number of shares which must be freely floated.
However, both investors will retain very substantial stakes, with Virgin Money keen to offer hundreds of millions of pounds of new shares to outside investors.
The Government will receive a £50m payment as a consequence of the deal struck between Virgin Money and the Treasury when the bank took control of Northern Rock in 2011.
Virgin Money, which employs more than 2,500 people, reported this month that first-half pre-tax profit nearly quadrupled from £13.1m last year to £59.7m in 2014.
It also announced the appointment of Glen Moreno, who chairs Pearson, parent company of the Financial Times, as its next chairman.
Mr Moreno, who has previously been in the frame for chairmanships at Barclays and Prudential, will replace Sir David Clementi in the middle of next year.
Virgin Money is run by Jayne-Anne Gadhia, a widely respected executive who would become the first woman at the helm of a publicly-listed UK bank if it completes its flotation.
"We are not burdened by the historical conduct and legacy challenges that face many incumbent banks," she said this month.
"We have a powerful brand, a strong balance sheet, a strong core business franchise and...a clear set of values that live throughout our business."
Based in Newcastle, where Northern Rock's head office was located, Virgin Money has more than 4m customers, and has just launched into the current account market.
It is being advised on the prospective flotation by Bank of America Merrill Lynch and Goldman Sachs.
Virgin Money declined to comment.
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