Virgin Money announces new boardAcquisition of Northern Rock now complete

09 January 2012

Virgin Money

Virgin Money has completed the acquisition of Northern Rock

Virgin Money has today announced its new board and executive team as it begins its 'quest for better banking'.

The acquisition of Northern Rock was completed on 1 January 2012 and Sir Richard Branson was in Newcastle today to meet staff and customers in the Northern Rock branch on Northumberland Street. Jane-Anne Gadhia will continue as Virgin Money's chief executive.

The Virgin Money board and executive team have been unveiled in full. Sir David Clementi, non-executive chairman of Virgin Money will, along with non-executive directors Norman McLuskie, Colin Keogh, Gordon McCallum and Jim Lockhart provide direction to the Virgin Money executive team.

Sir Richard Branson heralds the takeover

Sir Richard Branson, founder of the Virgin Group said: 'The Virgin Group has always gone into markets where there’s been an opportunity to make things better for customers. We've been doing it for 40 years, with some real milestone moments along the way, from our first steps in the record industry to launching Virgin Atlantic. Now we want to do the same for banking.

'It's not something we take lightly. There's a lot of hard work ahead. But we have the people, the products and the plans in place'.

'Quest for better banking'

Virgin Money has launched a big advertising campaign to recognise the acquisition of Northern Rock and to highlight that 'our quest to make banking better starts here'.

The bank claims that it wants to make everyone better off and sets out to be different by the following:

  • By genuinely caring about you and your money.
  • By putting customer service ahead of cost-cutting.
  • By creating straightforward, no-nonsense products.
  • By making a fair profit. Not an excessive one.
  • Above all, we'll use our expertise with money to do some good in the world.

Paul Davies, analyst at Which?, commented: 'Virgin Money has set out some lofty ambitions and it remains to be seen whether it can deliver on them. Straightforward products and decent levels of customer service are admirable aims, but other providers sometimes fail to offer these fairly basic requirements. Sir Richard Branson faces a major challenge.'

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