Virgin Money completes acquisition of Northern Rock plc

Virgin Money completes acquisition of Norther

Virgin Money has completed the acquisition of Northern Rock plc. An agreement with HM Treasury to buy the entire issued share capital of Northern Rock plc was signed on November 16th 2011.

The acquisition includes 75 Northern Rock branches, one million customers, c.14bn mortgage book, c.16bn retail deposit book and c.2,100 employees.

Combined with Virgin Moneys existing business of three million customers, the enlarged Group will have over four million customers.

The combined business will operate under the Virgin Money brand. Sir David Clementi will be Chairman of the combined business and Jayne-Anne Gadhia will be its Chief Executive Officer.

Jayne-Anne Gadhia, Chief Executive Officer at Virgin Money commented: "We have a unique opportunity to build a new kind of bank in the UK. A bank thats honest, fair and transparent. A bank that will aim to make a real difference and provide enhanced competition in UK retail banking.

"Northern Rock and Virgin Money fit together perfectly and both have real experience in delivering service that customers truly value. We will now work together in our quest to change banking for the better."

Go to the new Virgin Money website to find out more.

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