Virgin Money has been knocked out of the race to buy the network of retail branches being sold by the Royal Bank of Scotland (RBS, RBS.LN) after submitting a proposal that aimed to preserve jobs and save branches rather than simply offer the highest price, the Financial Times newspaper in London reported Saturday, citing people familiar with the situation.

The newspaper said the banking arm of Sir Richard Branson's business was told by RBS Friday that it wouldn't be going through to the final stages of the auction for the 318-strong branch portfolio.

It was up against Spanish banks Santander (SBP) and BBVA and National Australia Bank.

Newspaper Web site: www.ft.com

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9298
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