Virgin Money, the banking arm of Richard Branson’s business, is seeking to raise over £2 billion to bid for the retail branches being sold by Lloyds Banking Group and Northern Rock, Financial Times reports. Virgin Money CEO, Jayne-Anne Gadhia, has already received financing from U.S. billionaire, Wilbur Ross, who paid £100 million for a 21% stake in the bank in 2010. Investment bank, Greenhill, has been appointed to oversee the fundraising process, adds City A.M.

The sale is equivalent to more than 600 branches. Deutsche Bank, which has been reviewing the government’s options for Northern Rock, may recommend a private sale rather than a re-mutualization or stock market listing. Other firms interested in the branches may include National Australia Bank and NBNK, the investment vehicle set up by Lord Levene.

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