Virgin Money

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  Virgin Money
logo
Country United KingdomUnited Kingdom United Kingdom
Seat Norwich
legal form Limited liability
founding March 3, 1995
Website www.virginmoney.com
Business dataTemplate: Infobox credit institute / maintenance / data out of dateTemplate: Infobox credit institute / maintenance / year missing
Offices 76
management
Board Sir David Clementi (Chairman)
Jayne-Anne Gadhia (CEO)

Template: Infobox_Kreditinstitut / Maintenance / ID is missing

Virgin Money is a British bank and subsidiary of the Virgin Group based in Norwich . Virgin Money was founded in March 1995 as Virgin Direct .

In 2010, Virgin Money took over Church House Trust and received a banking license . In 2012 the takeover of Northern Rock , which had been in operation since 2007, was completed.

history

Virgin Direct
The Virgin Direct logo

Together with Norwich Union , the Virgin Group founded Virgin Direct. Tax-privileged savings plans were offered. Virgin Direct was also one of the first to offer index funds . After Norwich Union was acquired by AMP , AMP entered the contracts. The website virginmoney.com, also in cooperation with AMP, was launched in 2000 for price-sensitive consumers.

Virgin One

A joint venture with the Royal Bank of Scotland under the Virgin One brand was entered into in 1997 for further financial services . In 2001 the Royal Bank of Scotland took over Virgin Direct's stake in the Virgin One joint venture for £ 125 million.

Virgin Money
Virgin Money's logo before Northern Rock was acquired.

In 2002 virginmoney.com was integrated into Virgin Direct and since then Virgin Direct has operated under the name Virgin Money. In April 2004, the acquisition of Virgin Group for the outstanding stake in Virgin Money for £ 75 million was announced. £ 90 million was then paid for the purchase.

On January 29, 2010, Virgin Money announced that Sir Brian Pitman would become the new Chairman of the Board of Directors. Shortly after his appointment, Sir Brian Pitman announced that Virgin Money was interested in acquiring additional branches in good locations. RBS and Lloyds branches would be possible candidates. After the sudden death of Sir Brian Pitman on March 11, 2010, Sir David Clementi was named chairman.

Acquisitions

Church House Trust (2010)

On January 8, 2010, Virgin Money announced that it would acquire Church House Trust Plc for £ 12.3 million. Thus Virgin Money gets access to the British banking market. Church House does not have any bank branches but has a banking license that passes to Virgin Money. Virgin Money is investing £ 37.3m in a capital increase on top of the purchase price. The FSA has approved the purchase. The purchase was completed on January 26, 2010.

In April 2010, commented The Times in the City diary , about the potential of cooperation between Church House Trust and the little one in Guildford ( Surrey ), under a similar name operating under the name, Churchouse Financial Planning .

Northern Rock (2007-2012)

Northern Rock's headquarters in Newcastle at the time of its acquisition by Virgin Money.

On October 13, 2007, Virgin Money, represented by Sir Richard Branson , announced that it and a consortium would like to take over the Northern Rock bank , which had run into financial difficulties due to the sub-prime crisis . At the official tender in February 2008, the UK government announced Virgin Money as the preferred bidder. If successful, Northern Rock should merge with Virgin Money and operate under the name Virgin Bank.

The bid was unsuccessful, so Northern Rock was nationalized .

On November 17, 2011, it was announced that Virgin Money would acquire Northern Rock for £ 747 million plus £ 280 million over five years. The purchase should be completed on January 1, 2012.

International expansion

Virgin Money Australia

Virgin Money founded Virgin Money Australia in 2003 . That same year, Virgin Money Australia launched its own credit card in Australia in partnership with Westpac Banking Corporation . The cooperation was limited to five years. In 2005 Virgin Money Australia entered into a joint venture with Macquarie Bank , and Macquarie Bank also has a 10% stake in Virgin Money Australia. In the following years, the collaboration with Macquarie Bank deepened by jointly selling pension funds (2005, Virgin Superannuation ) and mortgage loans (2005, Virgin Money Home Loan ). In the wake of the financial crisis , Virgin Money Australia sold the mortgage portfolio to Macquarie Bank and the credit card receivables to Westpac Banking Corporation.

Virgin Money Australia partnered with A&G Insurance Services in 2009 to launch auto insurance. In 2010 a partnership was entered into with Citibank .

Virgin Money South Africa

In cooperation with the Absa Bank brought Virgin Money South Africa in 2006 its own credit card in South Africa out.

Virgin Money USA

Virgin Money USA started in the United States after the Virgin Group bought a majority stake in CircleLending , a company that brokered peer-to-peer loans . Subsequently, CircleLending was renamed Virgin Money USA.

Virgin Money USA was dissolved on November 1, 2010 and is no longer listed as a subsidiary on the Virgin Money website. The Virgin Money US website has been shut down.

Virgin Money withdrew completely from the US market and the social lending services were transferred to the service partner Graystone Solutions . Graystone Solutions continues to offer the services under its trademark.

Sponsorship

Virgin Money was a leading sponsor of the London Marathon 2010. The yacht of Sir Richard Branson for the world record of the ocean crossing was also sponsored by Virgin Money. In 2011 Virgin Money supported a number of events at the Edinburgh Festival .

On January 4, 2012, Virgin Money signed a two-year contract to sponsor Newcastle United FC for the 2012/13 and 2013/14 Premier League seasons . Previously, Newcastle United FC had a sponsorship deal with Northern Rock. For the remainder of the 2011/12 Premier League season , Newcastle United will adopt the Virgin Money logo as a fulfillment of Northern Rock's contract that has been running since 2003.

Richard Branson wore a Newcastle United shirt at the start of the Northern Rock store redesign.

Virgin Money Giving

Virgin Money Givings Logo.

Virgin Money Giving is a charitable , non-profit making company founded by Virgin Money on August 25, 2009. In 2010, Virgin Money Giving signed a five-year contract to officially sponsor the London Marathon .

Corporate structure

subsidiary company

Ownership structure

In April 2010, WL Ross & Co. LLC invested £ 100 million for a 21 percent stake in Virgin Money. WL Ross & Co. LLC supported Virgin Money in the Northern Rock bid. James Lockhart, vice chairman of WL Ross, will join the Virgin Money board of directors. The remaining 79% is held by the Virgin Group .

Board of Directors

As of October 7, 2011, the Virgin Money Board of Directors was composed as follows:

  • Chairman - Sir David Clementi .
  • Non-Executive Directors - Norman McLuskie and Colin Keogh
  • Directors - Gordon McCallum and Patrick McCall
  • Chief Executive Officer - Jayne-Anne Gadhia
  • Chief Finance Officer - Finlay Williamson
  • Chief Risk Officer - Marian Watson
  • Chief Operating Officer - Roland Russell
  • Chief Marketing Officer - Paul Lloyd
  • Corporate Development Director - David Dyer

Web links

Individual evidence

  1. ↑ Target Four (Ed.): Case Studies Heat Virgin Direct . HEAT Matches Business Success with Outstanding Support at Virgin Direct. S. 1 ( online [PDF; accessed January 19, 2012]). online ( Memento of the original from April 17, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.targetfour.com
  2. ↑ a b Grant Ringshaw: Virgin and AMP clash over joint ventures . Ed .: The Telegraph . January 7, 2001 ( HTML [accessed January 15, 2012]).
  3. ↑ Geraldine Fabrikant: Of All That He Sells, He Sells Himself Best . Ed .: New York Times . June 1, 1997, p. 1 ( HTML [accessed January 12, 2012]).
  4. ↑ Melanie Wright: Virgin in web site pact with unit trusts . Ed .: The Telegraph. June 24, 2000 ( HTML [accessed January 15, 2012]).
  5. ^ A b Damian Reese: Branson to sell Virgin banking arm . Ed .: The Telegraph. July 15, 2001 ( HTML [accessed January 15, 2012]).
  6. ↑ Virgin Money (ed.): Our story so far . Read what we have been doing ... ( HTML [accessed January 12, 2012]).
  7. ↑ Virgin Money (Ed.): WL Ross & Co makes strategic investment in Virgin Money . About Virgin Money. ( HTML [accessed January 15, 2012]).
  8. ↑ Nina Montagu-Smith: Demerged fund group in black . Ed .: The Telegraph. August 26, 2004 ( HTML [accessed January 15, 2012]).
  9. ↑ Birmingham Post (ed.): HHG back in black at half-way . August 26, 2004 ( HTML [accessed January 15, 2012]).
  10. ↑ Philip Aldrick: Sir Brian Pitman to head heavyweight Virgin Money board . Ed .: The Telegraph. January 29, 2010 ( HTML [accessed January 15, 2012]).
  11. ↑ Reuters (Ed.): Virgin Money interested in RBS and Lloyds branches . February 1, 2010 ( HTML [accessed February 2, 2010]).
  12. ^ The Telegraph (Ed.): Sir Brian Pitman . ( HTML [accessed January 15, 2012]).
  13. ↑ Virgin Money (Ed.): Virgin Money appoints Sir David Clementi as Chairman . ( HTML [accessed January 15, 2012]).
  14. ↑ Graeme Wearden: Virgin Money moves into retail banking . Ed .: The Guardian . January 8, 2010 ( HTML [accessed January 15, 2012]).
  15. ↑ Virgin Money (Ed.): Virgin Money offer for Church House Trust declared unconditional in all respects . January 27, 2010 ( HTML [accessed January 15, 2012]). HTML ( Memento of the original from February 24, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / uk.virginmoney.com
  16. ^ The Times (Ed.): City Diary . ( HTML [accessed April 28, 2010]).
  17. ↑ Intellectual Property Office (ed.): Case details for Trade Mark 2461901 . ( HTML [accessed January 15, 2012]).
  18. ↑ Virgin Money (Ed.): Virgin-led Consortium submits proposal to Northern Rock plc . October 12, 2007 ( HTML [accessed January 29, 2012]).
  19. ↑ Virgin Money (Ed.): Virgin Consortium Submits Formal Proposal . April 2, 2008 ( HTML [accessed January 29, 2012]).
  20. ↑ BBC News (Ed.): Northern Rock sale announced by chancellor . November 17, 2011 ( HTML [accessed January 29, 2012]).
  21. ↑ UKFI (Ed.): UKFI confirms completion of Northern Rock sale to Virgin Money . January 1, 2012 ( online [PDF; accessed January 29, 2012]).
  22. ↑ Reuters (ed.): UK sells Northern Rock to Virgin despite protest . January 1, 2012 ( HTML [accessed January 29, 2012]).
  23. ^ A b Macquarie Bank (Ed.): Macquarie Bank takes stake in Virgin Money . November 8, 2005 ( HTML [accessed January 15, 2012]).
  24. ^ A b Westpac Banking Corporation (ed.): Westpac ends Virgin credit card partnership . November 23, 2007 ( HTML [accessed January 15, 2012]).
  25. ^ Macquarie Bank (ed.): Macquarie Mortgages acquires Canadian mortgage provider Cervus Financial . July 11, 2006 ( HTML [accessed January 15, 2012]).
  26. ↑ TechCrunch (Ed.): CircleLending Becomes Virgin Money USA . Gets Makeover and Millions in Funding. October 16, 2007 ( HTML [accessed January 15, 2012]).
  27. ↑ Virgin Money (Ed.): Virgin Money . November 10, 2010 ( HTML [accessed November 10, 2010]).
  28. ^ State of Delaware (Ed.): Delaware Division of Corporations . November 10, 2010 ( HTML [accessed November 10, 2010]).
  29. ↑ Virgin Money US (Ed.): Virgin Money US . October 29, 2010 ( HTML [accessed January 15, 2012]). HTML ( Memento of the original from October 11, 2007 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.virginmoneyus.com
  30. ↑ American Banker (Ed.): Virgin Money Closes Shop in the US Victim of Bad Timing. December 2, 2010 ( HTML [accessed January 15, 2012]).
  31. ↑ Virgin Money (Ed.): Virgin Money Yacht . ( Online ( Memento of July 17, 2011 in the Internet Archive ) [accessed October 8, 2012]).
  32. ↑ Virgin Money (Ed.): Virgin Money announces sponsorship of the Edinburgh Festival Fringe's 'Fringe on the High Street' . February 3, 2011 ( HTML [accessed January 15, 2012]).
  33. ↑ Virgin Money (Ed.): Virgin Money to sponsor Newcastle United Football Club . January 4, 2012 ( HTML [accessed January 15, 2012]).
  34. ↑ Financial Times Germany (ed.): Like the virgin to money . January 10, 2012, p. 15 .
  35. ↑ Virgin Money (ed.): New not-for-profit online fundraising engine from Virgin Money raises more for charities . ( HTML [accessed January 15, 2012]).
  36. ↑ Virgin Money Giving (Ed.): About us . ( HTML [accessed January 15, 2012]).
  37. ↑ Virgin Money (Ed.): WL Ross & Co makes strategic investment in Virgin Money . April 5, 2010 ( HTML [accessed January 15, 2012]).
  38. ↑ Virgin Money (Ed.): Virgin Money announces Board Team . January 28, 2010 ( online [PDF; accessed January 15, 2012]).
  39. ↑ Virgin Money (Ed.): Virgin Money appoints Sir David Clementi as Chairman . October 7, 2011 ( HTML [accessed January 15, 2012]).