UK's Virgin Money to buy regional bank

Sir Richard Branson’s Virgin Money has launched its assault on the UK retail banking market after agreeing a deal to buy regional bank Church House Trust.

Virgin, which will use the bank to offer savings and mortgages products to customers under the Virgin Money brand, will pay £12.3 million for Church House and pump £37.3 million in capital into the business.

Sir Richard said: “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.”

Source: Press Association