Virgin Money wins backing to move onto the high street
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Marketers support extension into retail banking as Virgin plans bid for branches
Marketers believe that Virgin Money could move its brand into high street banking.
More than three-quarters (76.9%) of respondents to Marketing Week’s latest online poll said the Sir Richard Branson-owned financial services firm could become a fully-fledged retail banking brand.
The verdict follows the acquisition of private bank Church House Trust last week.
Virgin Money has acquired a banking licence, which allows it to accept deposits and offer customers mortgages. This is the first stage in its move onto the high street.
To support the push, the firm has strengthened its senior management team with three appointments including former Lloyds executive Marcus Ezekiel as commercial director and Ian Cornelius, former director of savings at Bradford & Bingley, as banking director.
Virgin Money is also believed to be preparing a bid for 300 Royal Bank of Scotland branches after the European Commission ordered their sale following an inquiry into state aid.
Virgin Money hopes its retail banking operation will provide a “better, different form of banking” after public trust in the sector was hit by the financial crisis.
Readers' comments (2)
Brenda Moisey | Wed, 20 Jan 2010 10:02 pm
THE VIRGIN BRAND is established and it appeals to anyone who is young at heart. And you know what they say about those who are young at heart! I say that it cannot fail. Virgin banks are a great idea!!!!!
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jay | Thu, 21 Jan 2010 12:09 pm
Cannit diagree, they have delivered outstanding service through thier other services and this should not be any different. I'd rather Virgin than Tesco! It will also open doors for them to sell thier other products in thier banks/stores so increased profits, customer satisfaction bust most importantly they will give the customer a great experience. Watch out HSBC!!!
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