 | |
 The headquarters of Virgin Money in Jubilee House, Newcastle Upon Tyne | |
| Company type | Trading name |
|---|---|
| Industry | Banking, Financial services |
| Founded | 3 March 1995[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 |
Virgin Money is a banking and financial services brand operating in the United Kingdom as a trading name of Clydesdale Bank plc.
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]
- ^ "Case Studies Heat Virgin Direct" (PDF). Target Four. Archived from the original (PDF) on 17 April 2012. Retrieved 17 January 2012.
3rd March 1995, in partnership with Norwich Union, Virgin Direct launched with its first product
- ^ "Virgin Money to close 31 stores". Virgin Money UK plc. 30 September 2021. Retrieved 1 October 2021.
- ^ "Board of Directors". Virgin Money UK PLC. Retrieved 23 May 2022.
- ^ "Executive leadership team". Virgin Money UK PLC. Retrieved 23 May 2022.
- ^ "UK sells Northern Rock to Virgin despite protest". Reuters. 1 January 2012. Retrieved 1 January 2012.
- ^ "CYBG completes €1.9bn takeover of Virgin Money". The Independent. 15 October 2018. Retrieved 15 October 2018.
- ^ "CYBG completes Virgin Money acquisition". CYBG. 15 October 2018.
- ^ "Buying yon bonnie banks". BBC News. 21 March 2024. Retrieved 22 March 2024.
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