By Daniel Hunter
Virgin Money has renewed its plans to float on the London Stock Exchange after delaying the move in October.
The bank, part-owned by Sir Richard Branson, said volatile market conditions forced it to delay the floatation. But Virgin Money will now float on the London Stock Exchange by the end of November.
"Given more stable market conditions, we now plan to move forward with our IPO," the company said in a statement.
It is hoping to raise £150m from the listing, £50m of which will go to The Treasury relating to the purchase of Northern Rock in 2011.
Chief executive Jayne-Anne Gadhia said the new rules proposed by the Bank of England on how much banks must hold in reserve gave Virgin Money clarity for it to press ahead with the floatation.
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