Virgin Money appoints Sir David Clementi as Chairman
Virgin Money, the banking division of the Virgin Group, is pleased to announce that Sir David Clementi will join the Virgin Money Board as Chairman. Sir David will succeed the late Sir Brian Pitman.
Sir David was Chairman of Prudential plc from 2002 to 2008. Before joining the Prudential, Sir David was Deputy Governor of the Bank of England for 5 years (1997-2002). In addition to his membership of the Monetary Policy Committee, Sir David was responsible for the day-to-day management of the Bank and had specific responsibility for the Bank's work on Financial Stability issues.
Before joining the Bank of England Sir David worked at Kleinwort Benson for 22 years, including as Chief Executive and subsequently Vice Chairman. Sir David is currently Non-Executive Chairman at property developer, King’s Cross Central General Limited Partnership and also Non-Executive Chairman at foreign exchange broker, World First (UK) Limited.
Sir David Clementi said: “The UK needs new competition in retail banking and Virgin Money is very well placed to bring about that competition. I am looking forward to working with Jayne-Anne Gadhia and her team to realise the potential of this business.”
Jayne-Anne Gadhia, Chief Executive Officer at Virgin Money commented: “It was very important for us to take time to find the right successor to Sir Brian Pitman and so I am delighted that Sir David Clementi will be joining Virgin Money as Chairman. His appointment is another significant milestone as we grow to become a significant new challenger in UK retail banking.”
Commenting on the appointment, Sir Richard Branson, Founder of the Virgin Group, said: “Sir David Clementi’s experience, combined with the vision and leadership of Jayne-Anne Gadhia, provides the perfect platform for Virgin Money’s future growth.”
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About Virgin Money:
- Virgin Money is the banking division of Virgin and was established in 1995 as a joint venture between the Virgin Group and Norwich Union.
- In 1997, Virgin Direct Personal Financial Services Limited launched The Virgin One Account, a joint venture with The Royal Bank of Scotland that offered the UK’s first current account mortgage direct to the retail market. In 2001, RBS bought out the Virgin Group’s stake in the joint venture.
- Following an investment of £100m of new capital by WL Ross in April 2010, Virgin Money is 79% owned by Virgin Group, with 21% ownership by WL Ross.
- Virgin Money currently has over 3 million customers and offers Payment Cards (Credit Cards & Prepaid Cards), Savings and Investment products (Stakeholder Pensions, Children’s Pensions, Employers Pensions, FTSE Tracker ISA, Bond & Gilt ISA, Climate Change ISA, Cash ISA, and Unit Trusts), General Insurance products (Motor, Home, Travel, and Pet) and Life Assurance products to the UK market. To apply go to virginmoney.com.
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
- Virgin is the official sponsor of the London Marathon, the biggest annual fundraising event in the world. Virgin Money leads the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.