VIRGIN Money has refused to comment on reports it may try to list on the stock market before the end of this year.

It has been suggested the challenger bank, which is headed by Jayne-Anne Gadhia and employs around 150 people in Edinburgh, is in talks with investment bankers about announcing its intention to float in October.

Bank of America Merrill Lynch and Goldman Sachs are understood to be advising Virgin Money on its options.

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While an initial public offering has long been expected by the group most observers in the City thought a listing this year was unlikely.

Sir Richard Branson's Virgin Group holds a 46.5 per cent stake in Virgin Money while the WL Ross investment vehicle, owned by US billionaire Wilbur Ross, has around 45 per cent.

Virgin Money recently made a six-figure investment in Glasgow with the opening of its next generation lounge offering free hot drinks, wi-fi and meeting space for customers.

The bank also recently launched a new current account product.