Richard Branson's personal banking unit Virgin Money is preparing for a first round bid for 318 branches that Royal Bank of Scotland (RBS) has put up for sale.
The branches need to be sold to the highest bidder for the organisation to comply with competition rules set by the European Union.
To help it break into the retail banking sector in the UK, Virgin Money acquired private bank Church House earlier this year.
If it was to purchase RBS branches, it would allow Virgin Money to have a greater presence through a high-street network.
Greenhill has been hired by the firm to act as advisers during the bid for the RBS branches.
Other parties that are interested in the branches are Spanish banking giant Santander and National Australia Bank.
The loan books of the branches are being supported by the Bank of England, meaning an acquirer would need to be in a position to replace the facility.
Earlier this month, Credit Suisse was selected by Santander as its adviser for the branch bid.
