Virgin Money eyes Lloyds, RBS branches

Virgin Money is considering buying Lloyds and Royal Bank of Scotland branches as it looks to bolster its move into retail banking.

Virgin Money

The financial services firm’s new chairman Brian Pitman, says it would be interested in buying the branches if the price is right.

Pitman, a former chairman and CEO of Lloyds TSB, told Sky News he wants to create a “solid bank” by establishing a network of branches.

The branches are for sale after the European Commission ordered Lloyds and RBS to sell some of their assets following an inquiry into state aid.

Pitman adds that if the branches are in “locations that we were interested in” their purchase would “speed up the process of actually establishing branches”.

Virgin Money acquired a banking licence last month, which allows it to accept deposits and offer customers mortgages. It also recently bought private bank Church House Trust.

The firm has also moved to strengthen its senior management team. In addition to Pitman, who joined last month, it also recently appointed former Lloyds executive Marcus Ezekiel as commercial director and Ian Cornelius, former director of savings at Bradford & Bingley, as banking director.

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.

Latest from Marketing Week

Marketoonist on GDPR

The Marketoonist

Tom Fishburne is founder of Marketoon Studios. Follow his work at marketoonist.com or on Twitter @tomfishburne See more of the Marketoonist here

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here