Wall Street billionaire Wilbur Ross has bought a large stake in listed NBNK Investments, paving the way for a major consolidation of the banking and insurance sector.

Mr Ross, who already has a 45pc holding in Virgin Money, has agreed to buy up to 37.8pc of NBNK at 39p a share in a deal that will inject £8m into the cash shell and allow it to go on a shopping spree for financial services assets. NBNK shares rose 1.5 to 41p — still well below 2010’s £1 float price. “There is huge dislocation in the financial services industry in Europe,” Mr Ross said. “I think there are a lot of assets that would benefit from being backed into a public market listing .” The move triggered speculation that Mr Ross could use NBNK as a vehicle for a reverse takeover of Virgin Money, giving Virgin access to the public markets....Read more on this story: Billionaire Wilbur Ross buys large stake in NBNK

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