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July 29, 2010updated 04 Apr 2017 1:10pm

Virgin Bank’ launch “on track” for 2011

Virgin Money spokesman Scott Mowbray told RBI that Virgin was on track to roll out a full banking service in 2011, including current account, savings account and branch network.

By Douglas Blakey

Virgin Money has said that its long-planned foray into mainstream UK retail banking is on course for a launch in 2011.

Virgin Money spokesman Scott Mowbray told RBI that Virgin was “on track to roll out a full banking service in 2011, including current account, savings account and branch network.”

Virgin already offers a savings account to around 2.5m customers in the UK.

The new bank – likely to be branded Virgin Bank – is expected to start the process of identifying locations for up to 70 retail branches in the third quarter.

On 27 July, Virgin founder Richard Branson kicked off the re-launch of Virgin Money’s Australian unit.

Virgin Money Australia is offering a competitively priced credit card in partnership with the local unit of Citibank, as well as savings products.

Branson told local media: ”We’ve come to Australia to give the banks a run for their money. Virgin loves coming in where people are being ripped off.”

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