History
It launched as Virgin Direct Personal Financial Services Limited in partnership with Norwich Union on 3 March 1995 offering PEP's and launched Virgin One, in a partnership with Royal Bank of Scotland, in 1997. In 1997 Australia's AMP bought Norwich Union's 50% stake in Virgin Direct. In 2000, virginmoney.com was launched as a price comparison website. In 2001 RBS bought out Virgin's stake in the joint venture.
In 2002, Virgin Direct merged with virginmoney.com to form the current company. In the 2000s Virgin Money expanded its operations around the world. In April 2004 the Virgin Group took 100% ownership of Virgin Money, buying the remaining 50% stake for £90 million from AMP's HHG arm.
In 2007 Virgin made a bid to acquire the Northern Rock bank; this initial bid failed. In an interview with The Times on 9 March 2009 Branson stated that he still hopes that Virgin Money can expand its operations into the banking sector; "We are going to get back into the mortgage business and we will become a bank either by acquisition or by getting our own banking licence. You will see us become a consumer bank within the next couple of years." In October 2009 Virgin Money applied to the FSA for a full banking licence. In February 2011 they announced their intention to lease a large office in Edinburgh.
In 2010 Virgin acquired a private bank with no branches, Church House Trust. In late January Sir Brian Pitman became the Chairman of Virgin Money; Pitman had previously been an advisor to Virgin during the attempted buyout of Northern Rock in 2007. In February Pitman stated that the company was interested in acquiring some branches of other banks which lie in good locations; branches belonging to RBS and Lloyds are possible candidates. Following Pitman's death Sir David Clementi was appointed Chairman.
In April 2010 WL Ross & Co. LLC invested £100 million in Virgin Money for a 21% stake in the company. WL Ross had previously supported Virgin Money in their previous bid for Northern Rock. James Lockhart, Vice Chairman of WL Ross, will also join the Virgin Money board.
In November 2011 Virgin agreed to purchase Northern Rock plc, the bank they had previously made a bid for, taking it out of nationalisation. The deal was finalised on 1 January 2012. During 2012 the Northern Rock brand was entirely replaced by Virgin Money, and the company announced that they were selling Church House Trust.
Read more about this topic: Virgin Money
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