Virgin Money has announced an offer for Church House Trust Plc, as the company tries to "bring simplicity" to the UK banking market.

Sir Richard Branson, Founder of the Virgin group, noted that Virgin Money is looking to make banking in the UK more straightforward.

He commented: "The Church House Trust business offers us a strong platform for growth.

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

This follows research conducted by Virgin Money illustrating a clear consumer demand for Virgin Money to enter the banking market.

Jayne Anne Gadhia, Chief Executive of Virgin Money, added: "The financial crisis has tarnished the reputation of many UK banks. Virgin Money will provide a better, different form of banking to its customers, increasing competition in the sector.

"Our aim is to make 'everyone better off' in the way we do business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a growing profit to shareholders.

"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."

Head to Virgin Money to get all the details on the Church House Trust Plc offer.