UK News - Virgin Money applies for bank license

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Virgin Money applies for bank license

LONDON (UPI) -- Virgin Money, the consumer credit arm of British tycoon Richard Branson's business empire, has applied for a full banking license, documents indicate.

Virgin's application with Britain's Financial Services Authority was filed two weeks ago, The Daily Telegraph reported Saturday.

The newspaper said Branson plans to establish an online bank that will offer mortgages once it secures its license, with a strategy to establish an Internet presence first and then follow up by opening physical branches. Virgin Money already offers savings accounts, credit cards and investment services.

The Telegraph, without naming sources, said the company is negotiating with Bryan Sanderson, formerly chief of Britain's Northern Rock bank after it was nationalized, to become a board member in a sign that Virgin Money could be preparing a second bid to acquire the failed institution from the government.

Copyright 2009 by United Press International

This news arrived on: 10/24/2009

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