Virgin Money

Virgin Money is a financial services brand used by three independent brand-licensees worldwide. Virgin Money branded services are current available in Australia, South Africa and the United Kingdom. Virgin Money branded services were formerly offered in the United States.

Each Virgin Money branded entity acts independently from the others, thus the products vary from country to country.

Current brand licensees

Virgin Money Australia

Virgin Money currently has operations in Australia with 150,000 customers.

Virgin Money South Africa

Virgin Money currently has operations in South Africa. In 2006, Virgin Money South Africa launched with a credit card initially in a partnership with ABSA worth $33 million.

Virgin Money UK

Virgin Money currently has operations in the United Kingdom with 4 million customers. The company was initially established as a personal finance company under the name of Virgin Direct in 1995, and the Virgin Money brand itself was introduced in 2000. Virgin Money rapidly expanded as a bank in 2012 with the purchase of the nationalised bank Northern Rock.

Virgin Money UK

Virgin Money plc is a UK-based bank and financial services company owned by the Virgin Group and founded by Sir Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching a value Personal Equity Plan into the market. In the 2000s Virgin Money expanded its operations around the world.

Virgin Money announced plans to become a retail bank, and attempted to purchase Northern Rock in 2007 before it was nationalised by the British Government. Virgin applied for its own banking licence from the Financial Services Authority in 2009, and gained one through the acquisition of Church House Trust the following year. Virgin bought Northern Rock plc in January 2012 and rebranded the business as Virgin Money. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

Formation

It launched as Virgin Direct Personal Financial Services Limited in partnership with Norwich Union on 3 March 1995 offering PEP's and launched Virgin One, in a partnership with The Royal Bank of Scotland, in 1997. In 1997 Australia's AMP bought Norwich Union's 50% stake in Virgin Direct. In 2000, virginmoney.com was launched as a price comparison website. In 2001 RBS bought out Virgin's stake in the One Account joint venture.