VIRGIN MONEY BANKS ON SIR BRIAN
City banking veteran Sir Brian Pitman is joining Virgin Money as Chairman to head a new-look team leading the company into a stronger role in UK banking.
The former Lloyds TSB chairman and chief executive advised Virgin on its attempt to secure Northern Rock before the UK government took it into public ownership in 2008.
Now he is expected to play a key role as the company aims to extend its banking assets through the purchase of Lloyds and RSB branches and possibly renew its interest in parts of Northern Rock.
The arrival of Sir Brian, 78, also coincides with Virgin Money completing a deal to acquire private bank Church House Trust.
“It provides the ideal platform to make a significant impact in the UK banking market. Our bank will be well capitalised and managed prudently with a strong focus on serving customers,” said Sir Brian.
He also promised to oversee a much-needed return to old-fashioned banking principles.
Also joining the Virgin Money board as Non-Executive Directors are Norman McLuskie and Colin Keogh.
Norman McLuskie served for more than 20 years at The Royal Bank of Scotland Group, retiring in 2004. Colin Keogh worked with Close Brothers for 25 years and was Group Chief Executive Officer from 2002-2009.
Jayne-Anne Gadhia, Virgin Money's Chief Executive Officer, said: “The completion of the Church House Trust deal and the appointments of Sir Brian, Norman McLuskie and Colin Keogh are significant milestones for Virgin Money.
“The demonstrable skill and experience of the executive team and board makes us certain we can make a positive difference in UK banking.”
Sir Richard Branson, Founder of the Virgin Group, added: “Sir Brian is one of the UK's most influential bankers and will be a great asset to the Virgin Money business.”
Sir Brian joined Lloyds in 1952 and rose through the ranks to become chief executive in 1983. He was appointed chairman in 1997 before retiring in 2001. He was knighted for his services to banking in 1994.
He said he was impressed with the Virgin Money business and looked forward to working with the strengthened team and tackling the new objectives.
They would be able to negotiate “quite hard” because the banks had to divest assets and regulation meant lenders would be less profitable in the future.
Virgin's likely targets are expected to include 600 branches to be sold off by Lloyds and another 300 due to be put on the market by RBS. Northern Rock's £19bn of retail savings and £10bn of mortgages will also appeal.
Virgin Money wants to grow its 2.5 million customer base by 15% as it builds to compete with the UK's major lenders.
It' full year revenue was £98m in 2008, the latest figures available. The firm's net profit then was £24m.
The new men at the helm will lead an executive team comprising: Jayne-Anne Gadhia, Chief Executive Officer; Finlay Williamson, Chief Finance Officer; Marian Watson, Chief Risk Officer; Roland Russell, Chief Operating Officer; Paul Lloyd, Chief Marketing Officer; Ian Cornelius, Bank Director; Marcus Ezekiel, Commercial Director; and David Dyer, Corporate Development Director.
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