Virgin Money is seeking backing from China Investment Corp. (CIC) for its bid for Northern Rock, The Telegraph reports. Virgin Money, owned by Sir Richard Branson, is in talks with the Chinese sovereign wealth fund for financing for its bid for the U.K. bank, made in July.
U.S. billionaire Wilbur Ross has committed £500 million toward the offer. U.S. private equity funds Carlyle Group and General Atlantic Partners and the Universities Superannuation Scheme have also committed funding.
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