Sir Richard Branson unveiled a consortium of financial heavyweights on Friday to back up his rescue plan for Northern Rock.

The proposal would see the failed mortgage lender rebranded as Virgin Money. The group seeking to take over the beleaguered bank includes Wilbur Ross, the veteran distressed debt investor; AIG, the world’s largest insurance company; Toscafund, the London-based hedge fund headed by Sir George Mathewson, former chairman of Royal Bank of Scotland; and First Eastern Investment Group, which is led by Victor Chu, the Hong-Kong businessman. Sir George would serve as a special adviser to the group.