Branson is expected to announce plans this week to list Virgin Money in London. The deal is expected to be worth £2 billion pounds ($3.25 billion) overall and will add several hundred million pounds to Branson’s net worth. The Virgin Group owns 47% of the company and U.S. investor Wilbur Ross owns the remainder.
Virgin Money plans to spend about 3 million pounds a year installing and maintaining lounges near its branches. The lounges don’t offer banking services but have Wifi, couches and grand pianos for Money and Northern Rock customers. The company says they increase sales at nearby Money branches by as much as 200%.