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.”