Ex-chairman of Lloyds TSB - Sir Brian Pitman will be helping Richard Branson to take a step further in its assault on the UK’s established high street banks after it was announced that he will be taking on the chairman role for Virgin Money, the financial arm of Richard Branson’s empire.
The appointment of the new chairman is expected to come any time, which will help Virgin Money in its next step in launching a fully fledged banking service later this year.
Sir Brian, 78, is known for being highly respected, ranking among the most influential retail bankers of his generation.
He worked closely with Virgin in the past, after leading the group’s failed takeover bid for Northern Rock before it was nationalised by the government following problems with the lender in 2008.
In the 18 years he guided Lloyds as chief executive and chairman, his work transformed the group from a small clearing bank operating in the UK, to one of the largest banks in Europe, following the merger with TSB and a series of acquisitions.
Virgin Money - the first of a wave of prospective new banks to gain approval from the Financial Services Authority - recently purchased a small regional private bank - Church House Trust, in order to obtain its banking licence.
The acquisition has provided a platform for the bank to launch mortgages and current accounts for UK customers and a stepping-stone for further acquisitions.
Virgin Money is expected to be one of the frontrunners for a renewed bid for Northern Rock. It has also been rumoured that the group is to consider bidding for the branches and customer bank accounts being sold by Royal Bank of Scotland.
Virgin Money already has a prominent position in the UK credit card market with the market leading Virgin Money Credit Card, as well as a range of savings accounts, insurance and investments.
The appointment of the new chairman is expected to come any time, which will help Virgin Money in its next step in launching a fully fledged banking service later this year.
Sir Brian, 78, is known for being highly respected, ranking among the most influential retail bankers of his generation.
He worked closely with Virgin in the past, after leading the group’s failed takeover bid for Northern Rock before it was nationalised by the government following problems with the lender in 2008.
In the 18 years he guided Lloyds as chief executive and chairman, his work transformed the group from a small clearing bank operating in the UK, to one of the largest banks in Europe, following the merger with TSB and a series of acquisitions.
Virgin Money - the first of a wave of prospective new banks to gain approval from the Financial Services Authority - recently purchased a small regional private bank - Church House Trust, in order to obtain its banking licence.
The acquisition has provided a platform for the bank to launch mortgages and current accounts for UK customers and a stepping-stone for further acquisitions.
Virgin Money is expected to be one of the frontrunners for a renewed bid for Northern Rock. It has also been rumoured that the group is to consider bidding for the branches and customer bank accounts being sold by Royal Bank of Scotland.
Virgin Money already has a prominent position in the UK credit card market with the market leading Virgin Money Credit Card, as well as a range of savings accounts, insurance and investments.
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