Virgin bank accounts ‘would offer more choice’
Virgin plans to launch a range of bank accounts. The anticipated launch of new bank accounts under the Virgin Money brand should help to improve choice for consumers, watchdog Which? has said.
Virgin Money announced today (January 8th) that it has acquired Yeovil-based bank Church House Trust for £12.3m and aims to use it as a platform from which to develop “a retail banking business in the UK, offering a full range of products to consumers”.
Jayne Anne Gadhia, chief executive of Virgin Money, claimed that the reputation of many UK banks had been “tarnished” by the financial crisis.
She said that the new bank would provide “a better, different form of banking to its customers, increasing competition in the sector” and offering “good value to customers”.
Sir Richard Branson, who founded the Virgin group, added that he hoped to bring “simplicity” to the UK’s banking market.
Commenting on the move, Which? chief executive Peter Vicary-Smith observed that consumers would benefit from the launch of new bank accounts.
“There’s a definite appetite for switching accounts if people feel they’ve been badly treated by their bank,” he claimed.
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