Virgin Money has confirmed that it is not planning to bid for the 632 branches being sold by Lloyds Banking Group, The Wall Street Journal reports. In July, the U.K. financial services firm decided not to submit a bid for the branches in a first round of bidding.
Lloyds received a first round of offers for its branches in July and has passed three bidders to the second round closing September 30. The bank is reviewing potential measures to restructure the transaction to make it more attractive to potential buyers
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