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27th September 2011

China Investment Corporation seeks UK bank investment

It is rumoured that China Investment Corporation is willing to help fund two separate bids for Northern Rock. It is said to have offered backing to JC Flowers some time ago in its bid and more recently offered backing to Virgin Money.


CIC would presumably be joining a syndicate that Virgin has built over a number of months including Wilbur Ross, Carlyle Group and General Atlantic Partners. The Chinese organisation may be more willing to take a longer term view than the Private Equity firms. It is no stranger to investment in Western financial organisations although if it were to join with Virgin this would be its first major UK investment.