Virgin confirms interest in Lloyds and RBS branches

Virgin Money chairman Brian Pitman has confirmed rumours the bank is interested in buying Lloyds and Royal Bank of Scotland branches.

Pitman, the former chairman and chief executive officer of Lloyds TSB, says the bank would be interested if the branches were in good locations.

In an interview with Sky News, he says it would be quicker for the bank to buy branches of existing banks.

Virgin would also try to buy Northern Rock's branch network when it goes up for sale if the price was right, he adds.

However, he believes the Government will not sell Northern Rock until the second half of the year because it wants to show the good bank part is stable.