Virgin offers customers banking alternative

Richard Branson is promising to shake-up the UK retail banking market by using its buy-out of Church House Trust to offer an alternative to customers disillusioned by incumbent suppliers.

The purchase of regional bank Church House for £12.28 million allows Branson’s Virgin Money to begin taking deposits and offer mortgages.

"Virgin Money aims to bring simplicity to the UK banking market which has traditionally been a complex sector," says Branson.

Virgin Money chief executive Jayne Anne Gadhia says that the ‘tarnished’ reputation of many UK banking during the financial crisis of the past few years leaves room for a new entrant. "Virgin Money will provide a better, different form of banking to its customers, increasing competition in the sector. Our approach to banking is founded on developing a sustainable, savings-based business. We see the acquisition of Church House Trust as a strong and sensible first step in delivering Virgin Money's banking ambition."

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