LONDON — Richard Branson will on Tuesday announce plans to sell a 21% stake in Virgin Money to billionaire investor Wilbur Ross for £100 million ($152 million), which will allow the consumer-credit business group to accelerate its expansion in U.K. banking, a person familiar with the situation said Monday.

An announcement outlining the deal, which will result in Branson's shareholding in Virgin Money falling to 79%, is expected early Tuesday, the person told Dow Jones Newswires.

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