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Virgin Money begins quest for better banking

Board and Executive Team announced

Today Sir Richard Branson and Virgin Money Chief Executive Officer, Jayne-Anne Gadhia will mark the completion of the deal to buy Northern Rock plc together with staff in Newcastle and the North East.

Virgin Money completed the acquisition of Northern Rock plc on 1 January 2012.

Sir Richard and Jayne-Anne will toast the deal with staff and customers in the Northern Rock branch on Northumberland Street, Newcastle Upon Tyne1.

The Virgin Money Board and Executive team have also been announced today. Sir David Clementi, Non-Executive Chairman of Virgin Money will, along with Non-Executive Directors Norman McLuskie, Colin Keogh, Gordon McCallum and Jim Lockhart provide direction to the Virgin Money Executive Team comprising:

  • Chief Executive Officer, Jayne-Anne Gadhia
  • Chief Financial Officer, Finlay Williamson
  • Product & Commercial Director, Pete Ball
  • Chief Risk Officer, Marian Watson
  • General Counsel, Stephen Pearson
  • Chief Operating Officer, Mark Parker
  • Corporate Development Director, Dave Dyer
  • Marketing Director, Paul Lloyd
  • Customer & Distribution Director, Jim MacDonald
  • People Director, Matt Elliott

Jayne-Anne Gadhia, Chief Executive Officer at Virgin Money commented: “I am delighted to mark the acquisition of Northern Rock and the beginning of our quest to make banking better with all the fantastic people we have working for the combined business.

“I am also pleased to announce the Virgin Money Board and Executive Team. The demonstrable skill and experience of the Executive Team and Board makes us certain we can make a positive difference in UK banking. Together, with the newly combined workforce, we have a significant opportunity to build a new kind of bank, one that people will want to be a part of."

Sir Richard Branson, Founder of the Virgin Group said: “The Virgin Group has always gone into markets where there’s been an opportunity to make things better for customers. We’ve been doing it for 40 years, with some real milestone moments along the way, from our first steps in the record industry to launching Virgin Atlantic. Now we want to do the same for banking.

“It’s not something we take lightly. There’s a lot of hard work ahead. But we have the people, the products and the plans in place”.

Sir Richard Branson will spend two days meeting staff starting with a tour of branches in the North East as well as meeting staff in the operational headquarters in Newcastle before moving on to the Virgin Money offices in Edinburgh, Norwich and London.

The new business will offer savings, mortgages, credit cards, investments, pensions, insurance and online fundraising through virginmoneygiving.com, with current accounts and SME lending to come in 2013.



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Editor’s notes:

1 The photo-call with Sir Richard Branson and Jayne-Anne Gadhia will be at the Northern Rock branch on 132-134 Northumberland Street, Newcastle Upon Tyne NE1 7DG at 9am.

For more information:

Northern Rock
Tel: 0191 2794676
email: press.office@northernrock.co.uk

Scott Mowbray, Virgin Money
+44 (0) 7834 843 384 / scott.mowbray@virginmoney.com

John Waples: FTI Consulting, PR for Virgin Money
+44 (0) 7717 814 520 / john.waples@fticonsulting.com

About Virgin Money

  • Virgin Money acquired Northern Rock plc from Her Majesty’s Treasury on 17 November 2011. The deal completed on 1 January 2012. The acquisition included:
  • 75 Northern Rock branches
  • One million customers
  • c.£14bn mortgage book
  • c.£16bn retail deposit book
  • c.2,100 employees
  • Combined with Virgin Money’s 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.
  • 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.

Northern Rock plc

  • On 1 January 2012, Northern Rock was acquired by Virgin Money.
  • Northern Rock is a bank, authorised by the FSA as a deposit taker and mortgage lender. It offers savings accounts and mortgage products to customers in the UK. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.