Nationwide Building Society has walked away from the bidding for the 316 branches being re-auctioned by Royal Bank of Scotland.
Sir Richard Branson's Virgin Money and US private equity group JC Flowers are said to have submitted non-binding first-round bids, it was reported yesterday, but Nationwide is staying away. Its chief executive Graham Beale said last month he was weighing up a possible bid, but a spokesman con-firmed yesterday: "We haven't bid, we will continue to pursue growth in the SME and current account market organically."
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