Virgin Money UK
UK-based bank and financial services company / From Wikipedia, the free encyclopedia
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Virgin Money is a banking and financial services brand operating in the United Kingdom as a trading name of Clydesdale Bank plc.
Company type | Trading name |
---|---|
Industry | Banking, Financial services |
Founded | 3 March 1995; 29 years ago (1995-03-03)[1] |
Founder | Richard Branson |
Headquarters | Newcastle Upon Tyne, England, UK |
Number of locations | 91[2] |
Key people | David Bennett (Chairman)[3] David Duffy (Chief Executive Officer)[4] |
Services | Retail banking SME banking |
Revenue | See Parent company |
See Parent company | |
See Parent company | |
Total assets | See Parent company |
Total equity | See Parent company |
Number of employees | See Parent company |
Parent | Virgin Money UK plc |
Website | uk |
The Virgin Money brand was founded by Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching a value personal equity plan into the market. In the 2000s Virgin Money expanded its operations around the world. Virgin Money announced plans to become a retail bank, and attempted to purchase Northern Rock in 2007 before it was nationalised by the British Government. Virgin applied for its own banking licence from the Financial Services Authority in 2009, and gained one through the acquisition of Church House Trust the following year. Virgin bought Northern Rock in January 2012 and rebranded the business as Virgin Money.[5]
In June 2018, Virgin Money agreed to a takeover by CYBG plc which was completed in October 2018. Virgin Money was merged into Clydesdale Bank plc on 21 October 2019, continuing as a trading name and operating under Clydesdale Bank plc's banking licence. It was planned that Virgin Money UK plc would phase out the Clydesdale Bank, Yorkshire Bank and B brands in favour of the Virgin Money brand.[6][7] However, in March 2024, the bank's parent company agreed to be acquired by Nationwide Building Society in a £2.9 billion deal that is expected to complete by the end of the year and will see the Virgin Money brand name being phased out.[8]