By Jonathan Davies

Virgin Money has set its share price at 283p as it prepares to float on the London Stock Exchange.

The bank which is part owned by Sir Richard Branson is aiming to raise around £150m from the floatation. A third of it will go to The Treasury relating to Virgin's purchase of Northern Rock during the financial crisis.

Virgin Money will give a market capitalisation of around £1.25bn and employees will receive £1,000 worth of shares each.

The bank is expected to start trading on 18 November.

Chief executive Jayne-Anne Gadhia said: "As we begin life as a public company, we are committed to maintaining the straightforward, transparent approach to business that we believe helps differentiate us.

"We are passionate about improving competition in UK retail banking and believe that today's IPO is another step forward for us as we seek to deliver on that objective."

Sir Richard Branson will own 34% of the bank and US billionaire Willbur Ross will own 33%.

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