Virgin Money, the consumer finance
unit of serial entrepreneur Richard Branson’s Virgin Group, is
pressing ahead with long-rumoured plans to extend the business into
a full bank, offering mortgages and taking deposits.
Virgin had been touted for a return to the
mainstream banking fold ever since its bid for collapsed UK lender
Northern Rock failed in early 2008.
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Last October, Virgin Money CEO, Jayne-Anne
Gadhia, who led the bid to snap up Northern Rock, told RBI Virgin
had “a deal in place with a very large financial services business
to start issuing mortgages.” (See RBI 601).
A the time, she said Virgin was happy to sit
on the sidelines until UK economic conditions improved.
Virgin believes it can tap into public anger
at established banks’ need for taxpayer-funded bailouts. Options
for Virgin include going it alone, buying an existing bank or
setting up a joint venture.
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