The Banking and Strategy Initiative

Chillin' out till it needs to be funded

A Virgin Bank for the Commonwealth?

Dear readers,

Government Bails Out UK Banks

God save the Queen indeed. We are happy to bring to your notice the rather colorful changed hues in the color of the sky over London. A blip on the distant horizon, the narcissistic embodiment of A zealot Brandywine Duke, Mr Richard Branson floated his Financial venture in Britain some time during this great upheaval of the Earth. While fires in our Middle Kingdom still rage, there are few that doubt the eventual sale and disposal of many once superior limbs of the English Financial System. With the Bank of England poised to make uncomfortable decisions about Northern Rock, Lloyds TSB and other asunder parts of the Monopoly castle in UK, Virgin money got its act together this year after two years of internecine struggle with the regulators. With a Bank license in hand and a small provincial Church House trust in the belt Virgin money has gone ahead and hired & appointed Brian Pitman from Lloyds TSB as Chairman on board.

We were a little busy here to notice but according to deal book

A group led by Virgin bid for Northern Rock in 2008, with Mr. Pitman lined up to chair Virgin Money if the deal went through, but the lender was nationalised.

and now,

Virgin Money has reportedly approached the Blackstone Group recently, seeking backing for a new bid for the state-owned British bank. Virgin is also said to have held talks with other companies in its search for a partner to help it move into financial services in Britain.

The new bid, if and when it comes through will probably make the government hurry its bid to get out of business’ way. Wilbur Ross , a dear friend, has promised to be on hand to help Branson and Pitman get a good bank, as they say.

Those of you still waiting, Blackrock results tonight are going to be an earth-shaking event as well. Did you know that Obama’s rage brought the big 4 prices down on the day they were issuing Stock Options and more stock got issued. I was hoping it happens to me on the right side as well, I mean the one carrying the buy order/stock options that day..

Virgin runs a portfolio of businesses including Virgin blue, mobile phones, Virgin Megastores and Virgin Money credit cards in UK, Australia and now other parts of the world incl the USA

It was a good January, Thanks for stopping by with the muffins..

Best Regards,

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