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.”

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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.

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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.”