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Virgin Money completes the acquisition of Northern Rock plc

Virgin Money is pleased to confirm that it has today completed the acquisition of Northern Rock plc. An agreement with HM Treasury to buy the entire issued share capital of Northern Rock plc was signed on 16th November 2011.

The acquisition includes:

  • 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.

Sir David Clementi will be Chairman of the combined business and Jayne-Anne Gadhia will be its Chief Executive Officer.

Jayne-Anne Gadhia, Chief Executive Officer at Virgin Money commented: “We have a unique opportunity to build a new kind of bank in the UK. A bank that’s honest, fair and transparent. A bank that will aim to make a real difference and provide enhanced competition in UK retail banking.

“Northern Rock and Virgin Money fit together perfectly and both have real experience in delivering service that customers truly value. We will now work together in our quest to change banking for the better.”

ENDS

For more information:

Scott Mowbray, Head of Media & External Affairs, 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