CHALLENGER bank Virgin Money is planning to hire Goldman Sachs and Bank of America Merrill Lynch in the coming weeks to advise on its stock market flotation.
The pair are expected to help organise the initial public offering (IPO) and to run the book on the flotation. Virgin Money is expected to go to market in early to mid-2015, joining the flood of banks listing in the current favourable market conditions.
The bank was built out of the so-called good bank part of Northern Rock, and its revival mirrors that of other state-backed banks.
Others lenders floating include TSB, the bank spun out of Lloyds, which expects to come to the market by the end of June.
And Williams and Glyn, a 316-branch network which were part of RBS, will also be sold as a separate bank.
Virgin Money is not yet believed to have decided if it will match TSB’s retail offering, selling shares directly to customers and other small investors.