Virgin Money to open two retail branches by the end of the year

Virgin Money will open its first two retail branches by the end of this year, thanks to US billionaire Wilbur Ross’ ’strategic investment’ in the brand, according to a spokesman for the company.

Virgin Money
Virgin Money

Virgin Money has confirmed that Ross has invested a total of £600m, with £100m ’earmarked for organic growth’, while a further £500m will bolster acquisitions such as Virgin Money’s mooted bid for RBS branches across England and Wales.

’The £100m investment in Virgin Money will enable us to open our first two retail branches by the end of this year, with an aim of opening 70 branches in the next three years,’ says a Virgin Money spokesman.

A host of retail financial products including savings products, mortgages and current accounts will launch as early as the end of the summer, and will be supported by marketing activity, says the spokesman.

Virgin Money acquired a banking licence in January, allowing it to accept deposits and offer customers mortgages, while also recently strengthening its senior management team.

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