Virgin Money is set to announce its initial public offering, triggering a large windfall for taxpayers.
Last month, Virgin Money announced a deal to raise £160m in the debt markets in order to repay part of a financing package taken on when it acquired part of the bailed-out Northern Rock for almost £800m in 2012.
The flotation will see an extra £50m to £80m returned to the taxpayer, as agreed at the time of the original acquisition.
The challenger bank is expected to attract a valuation of approximately £2bn.
Richard Branson’s Virgin Group owns 47 per cent of Virgin Money, while 35 per cent of it is owned by US firm Wilbur Ross.
