85-651: Virgin Money UK plc (formerly CYBG plc ) is a British banking and financial services company. It has been owned by Nationwide Building Society since 1 October 2024. The Virgin Money brand was founded by Richard Branson in March 1995. It was originally known as Virgin Direct , and pioneered index tracking by launching a value personal equity plan into the market. In the 2000s Virgin Money expanded its operations around
170-548: A 21% stake in the company. Wilbur Ross had previously supported Virgin Money in its previous bid for Northern Rock. James Lockhart, Vice Chairman of WL Ross & Co , joined the Virgin Money board. On 13 October 2007, Sir Richard Branson announced that Virgin Group were putting together a consortium of financiers to propose to plough millions into the troubled Northern Rock bank and in return take an approximate 30% stake in
255-520: A Non-Executive Director of Foreign & Colonial Investment Trust from 2008 to 2012; vice-chairman at investment managers, Ruffer LLP from 2011 to 2017; chairman of international payments business World First from 2011 to 2018 and chairman of King's Cross Central , responsible for the regeneration of the King's Cross Estate, from 2008 to 2024. Among non-business interests, he was on the board of The Royal Opera House from 2006 to 2014, Warden (chairman of
340-412: A bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks issue new money when they make loans. In contemporary banking systems, regulators set a minimum level of reserve funds that banks must hold against the deposit liabilities created by
425-409: A bank varies from country to country. See the relevant country pages for more information. Under English common law , a banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there is a Bills of Exchange Act that codifies
510-779: A bank. Virgin Money offers a range of savings and investment products, mortgages, credit cards, insurance and pensions. The merger with Northern Rock widened Virgin Money's range from a previous focus on credit cards and insurance products, and the first savings accounts to be offered under the Virgin brand were issued in January 2012. These were gradually supplemented by other additional banking products under its own brand name. The bank launched its own range of basic current accounts in July 2014, initially only in Scotland and Northern Ireland. This
595-452: A central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590). Banking as an archaic activity (or quasi-banking ) is thought to have begun as early as the end of the 4th millennium BCE, to the 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to
680-425: A large number of small to medium-sized institutions in its banking system. As of November 2009, China's top four banks have in excess of 67,000 branches ( ICBC :18000+, BOC :12000+, CCB :13000+, ABC :24000+) with an additional 140 smaller banks with an undetermined number of branches. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches – more than double
765-658: A large scale, financing the purchase of shares in the Suez canal for the British government in 1875. The word bank was taken into Middle English from Middle French banque , from Old Italian banco , meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during the Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of
850-638: A number of Newcastle United's footballers. The deal between Virgin Money and Newcastle United had also covered the 2013-14 season , but the club decided to end the deal a year early. Virgin Money are the former title sponsor of the Cyclone, the UK's biggest cycling festival, which had previously also been sponsored by Northern Rock. The first Virgin Money Cyclone was held in Summer 2012. Bank A bank
935-598: A number of railway stations at the time. The full rebranding process, which also included the combining of the Northern Rock website into the existing Virgin Money website, was completed by October. Virgin Money launched a fully functional current account in December 2019. The account uses technology previously used by the "B" account offered by Clydesdale Bank. All existing "B" accounts were converted to Virgin Money current accounts as part of this process. The bank
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#17327980132481020-593: A partnership with the Royal Bank of Scotland (RBS), in 1997. That year, Australia's AMP bought Norwich Union's 50% stake in Virgin Direct. In 2000, virginmoney.com was launched as a price comparison website. RBS bought out Virgin's stake in the One Account joint venture in 2001. In 2002, Virgin Direct merged with virginmoney.com to form the current company. Virgin Money expanded its operations around
1105-549: A possible stock market listing. Clydesdale Bank and Yorkshire Bank were demerged and placed in a separate holding company, CYBG plc (Clydesdale and Yorkshire Banking Group), which was listed on the London Stock Exchange and Australian Securities Exchange for conditional share trading on 3 February 2016 and unconditional trading from 8 February 2016. On 7 May 2018, it was reported that CYBG plc had made an all-share offer of £1.7bn to acquire Virgin Money UK. Payment
1190-557: A red rounded skew rectangle, similar in shape to a credit card , followed by the word 'Money'. A previous logo had the word 'Virgin' in a large circle and three smaller circles above the word 'Money'. Virgin Direct's logo had been a more simplistic rendering of the company name, in white on top of a red rectangle with a semicircle attached on the left side. Virgin Money's headquarters are the former Northern Rock offices, renamed as Jubilee House, in Gosforth , Newcastle upon Tyne . The site
1275-469: A system known as fractional-reserve banking , under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity , banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords . Banking in its modern sense evolved in the fourteenth century in
1360-399: A variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference
1445-446: Is a bank regulation , which sets a framework within which a bank or depository institution must manage its balance sheet . The categorisation of assets and capital is highly standardised so that it can be risk weighted . After the financial crisis of 2007–2008 , regulators force banks to issue Contingent convertible bonds (CoCos). These are hybrid capital securities that absorb losses in accordance with their contractual terms when
1530-436: Is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans . Lending activities can be directly performed by the bank or indirectly through capital markets . Whereas banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized
1615-403: Is a list of the largest deals in history in terms of value with participation from at least one bank: Currently, commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate. Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to
1700-982: Is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. Virgin Money Giving is a not-for-profit company set up by Virgin in October 2009. From 2010, the Virgin Group signed a five-year deal to be the official sponsor of the London Marathon ; the inaugural Virgin London Marathon was on 25 April 2010. This sponsorship led to
1785-646: Is next to the Regent Centre business park and comprises two black and grey buildings built in the 1990s and some additional sandstone and glass buildings built in the early 2000s. Virgin Money also have offices in Eagle Place, Piccadilly , London , at 28 St Andrew Square, Edinburgh , Gorstacks House in Chester and Discovery House in Norwich , which had been Virgin Money's head office prior to becoming
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#17327980132481870-431: Is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle . Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In
1955-463: The 2012-13 season , a club that had a sponsorship deal with Northern Rock since 2003. Newcastle United's shirts also displayed the Virgin Money logo for the remainder of the 2011–12 season, fulfilling Northern Rock's deal at the time of being bought by Virgin. To coincide with the launch of Virgin Money's rebranded stores, Richard Branson appeared in Newcastle, wearing a Newcastle United shirt, with
2040-732: The Clydesdale Bank , Yorkshire Bank and B brands in favour of the Virgin Money brand. However, in March 2024, the bank's parent company agreed to be acquired by Nationwide Building Society in a £2.9 billion deal that was completed on 1 October 2024 and will see the Virgin Money brand name being phased out between 2026 and 2028. Virgin Money UK was launched as Virgin Direct Personal Financial Services in partnership with Norwich Union on 3 March 1995 offering personal equity plans and launched Virgin One , in
2125-742: The Federal Deposit Insurance Corporation (FDIC) as a regulator. However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (OCC) is the primary federal regulator for national banks. State non-member banks are examined by the state agencies as well as
2210-651: The Great Depression , the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub-prime mortgage crisis in the 2000s. The 2023 global banking crisis is the latest of these crises: In March 2023, liquidity shortages and bank insolvencies led to three bank failures in the United States , and within two weeks, several of the world's largest banks failed or were shut down by regulators Assets of
2295-562: The London Stock Exchange in order to raise approximately £150 million which would go towards expanding and enabling it to continue to hire and maintain its existing base of top staff members. A successful offer led to a final payment of £50 million to the UK Government with respect to the company's IPO following the purchase of Northern Rock. Church House Trust Limited was sold to Ocean Industries S.A. for £13 million on 30 November 2014. WL Ross & Co reduced its stake in
2380-481: The 15,000 branches in the United Kingdom. Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals cumulates to around 5,169 bil. USD. In terms of value, there have been two major waves (1999 and 2007) which both peaked at around 460 bil. USD followed by a steep decline (−82% from 2007 until 2018). Here
2465-588: The Chairman of Virgin Money; Pitman had previously been an advisor to Virgin during the attempted buyout of Northern Rock in 2007. In February Pitman stated that the company was interested in acquiring some branches of other banks which lie in good locations; branches belonging to the RBS and Lloyds were reported as possible candidates. Following Pitman's death Sir David Clementi was appointed Chairman. In April 2010, Wilbur Ross invested £100 million in Virgin Money for
2550-529: The FDIC. National banks have one primary regulator – the OCC. Each regulatory agency has its own set of rules and regulations to which banks and thrifts must adhere. The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although
2635-556: The FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing. David Clementi Sir David Cecil Clementi (born 25 February 1949) is a British business executive. He is a former deputy governor of the Bank of England , a former chairman of Prudential plc , and a former chairman of the BBC . In March 2008, he
Virgin Money UK - Misplaced Pages Continue
2720-551: The UK Government has committed to match that pledge. Virgin Money led the sponsorship of the London Marathon from 2010 to 2020. Virgin Money also lent its name to the yacht that Sir Richard Branson used to attempt to break the Transatlantic sailing record . Since 2011 Virgin Money has sponsored events at the Edinburgh Festival Fringe . Virgin Money were the shirt sponsor of Newcastle United F.C. for
2805-538: The UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government's central bank. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which
2890-617: The Virgin Money brand and the Clydesdale and Yorkshire Bank brands would disappear from the High street. Virgin Money CEO chief executive Jayne-Anne Gadhia will be retained as a senior advisor and will receive around £1.8m redundancy, £1m bonus, £5.1m in shares to add to her existing £8.9m shares. The all-share deal buyout gave her a paper profit of around £12.5m. In June 2019, CYBG plc announced its plans to consolidate its businesses under
2975-615: The Virgin Money brand for £12 million a year (later rising to £15 million a year) and to move all its retail customers to Virgin Money over the following three years. The acquisition of Virgin Money plc by CYBG was completed on 15 October 2018 and shares in the holding company Virgin Money Holdings (UK) plc were therefore delisted from the London Stock Exchange. It was reported that the deal may result in 1,500 job losses. The retail banking operation would be fronted by
3060-525: The Virgin Money brand. B and Yorkshire Bank , which existed as trading divisions of Clydesdale Bank plc , began to use the Virgin Money name in late 2019 and Clydesdale Bank used the new name from late 2020 to early 2021. In preparation for re-branding, the existing Virgin Money plc was merged into the existing Clydesdale Bank plc on 21 October 2019. The group's name was changed from CYBG plc to Virgin Money UK plc on 31 October 2019. CEO David Duffy's pay rose by 84% from £1.8m in 2018 to £3.4m in 2019. This
3145-407: The acquisition of Church House Trust for £12.3 million, giving Virgin a small foothold in the UK banking market. Although Church House Trust had no branches, it provided Virgin with a banking licence. As part of the acquisition, Virgin agreed to invest a further £37.3 million of new capital into the business. On 26 January the deal was declared unconditional. In late January, Sir Brian Pitman became
3230-639: The bank agrees to conduct an account. The law implies rights and obligations into this relationship as follows: These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms or create new rights, obligations, or limitations relevant to the bank-customer relationship. Some types of financial institutions, such as building societies and credit unions , may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for
3315-401: The bank is structured or regulated. The business of banking is in many common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business . When looking at these definitions it is important to keep in mind that they are defining the business of banking for
3400-416: The bank is to restore, not the same money, but an equivalent sum, whenever it is demanded and money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of the banker, who is bound to return an equivalent, by paying a similar sum to that deposited with him, when he is asked for it. The goldsmith paid interest on deposits. Since
3485-411: The bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans). Banking crises have developed many times throughout history when one or more risks have emerged for the banking sector as a whole. Prominent examples include the bank run that occurred during
Virgin Money UK - Misplaced Pages Continue
3570-552: The bank's parent company, Virgin Money UK plc, for £2.9 billion. Under the terms of the deal the resulting company would be rebranded under the Nationwide banner over the next 6 years with the Virgin Money brand eventually disappearing. Nationwide intends to remain as a building society and for the "medium-term" the Virgin Money business would remain its own legal entity with its own banking licence. Nationwide aims to not make any material changes to Virgin Money's 7,300 employees "in
3655-667: The bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer , EFTPOS , and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits , and by issuing debt securities such as banknotes and bonds . Banks lend money by making advances to customers on current accounts, by making installment loans , and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and
3740-497: The business as Virgin Money. In June 2018, Virgin Money agreed to a takeover by CYBG plc (formed by National Australia Bank (NAB), out of several of its UK subsidiaries, in February 2016) which was completed in October 2018. Virgin Money was merged into Clydesdale Bank plc on 21 October 2019, continuing as a trading name and operating under Clydesdale Bank plc's banking licence. It was planned that Virgin Money UK would phase out
3825-496: The business included Virgin Group (14%), Firetrail Investments Pty Limited (5%), BlackRock (5%), Perpetual Limited (4%), Investors Mutual Limited (4%) and Schroders (3%). Although the Clydesdale brand has been phased out the name continues to appear on the Scottish banknotes issued by the bank . On 7 March 2024 Nationwide Building Society , the UK's largest building society , announced that they had made an offer to buy
3910-426: The business, bringing the current financial products offered by Virgin and combining them with Northern Rock's own financial products. By February 2008, Virgin were the favoured bidders for the bank and announced in its official submission to the government that, if successful, they would have merged Northern Rock and Virgin Money, naming the new company "Virgin Bank". The initial bid was not successful, and Northern Rock
3995-533: The capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalisation gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement. The economic functions of banks include: Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals in excess of available funds), credit risk (the chance that those who owe money to
4080-483: The cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in
4165-408: The combined business by putting £260 million into the deal. Both Abu Dhabi -based Stanhope Investments and Branson's Virgin Group invested £50 million in the Northern Rock deal. In 2014, Virgin Money repaid a further £154.5 million that it had received as part of the refinancing package. There were to be no further job losses, except for those previously announced. Virgin has also pledged to keep
4250-549: The company to 23.3% in April 2015; Stanhope reduced its stake to 1%. WL Ross & Co sold its remaining stake in November 2016. As of 2017, the business had 3.34 million customers. National Australia Bank acquired Clydesdale Bank in 1987 and Yorkshire Bank in 1995. Fred Goodwin , an accountant working for Touche Ross , worked on the acquisition of Clydesdale Bank. In 1995 Goodwin, with little direct banking experience,
4335-553: The creation of Virgin Money Giving, with the aim "to help all fund-raisers raise more money for good causes". This sponsorship was also extended to at least 2017, and since the 2014 race has been known as the Virgin Money London Marathon. The Virgin Money Foundation is the charitable arm of the bank and was founded in 2015. The bank has initially pledged £4 million to the charity over 4 years, and
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#17327980132484420-423: The cross-selling of complementary products. Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity , retained earnings and subordinated debt . Some of the main risks faced by banks include: The capital requirement
4505-408: The customer's order – although money lending, by itself, is generally not included in the definition. Unlike most other regulated industries, the regulator is typically also a participant in the market, being either publicly or privately governed central bank . Central banks also typically have a monopoly on the business of issuing banknotes . However, in some countries, this is not the case. In
4590-589: The funding of these loans, in order to ensure that the banks can meet demands for payment of such deposits. These reserves can be acquired through the acceptance of new deposits, sale of other assets, or borrowing from other banks including the central bank. Activities undertaken by banks include personal banking , corporate banking , investment banking , private banking , transaction banking , insurance , consumer finance , trade finance and other related. Banks offer many different channels to access their banking and other services: A bank can generate revenue in
4675-520: The goldsmiths of London became the forerunners of banking by creating new money based on credit. The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By the beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on
4760-668: The governing body) of Winchester College from 2008 to 2014, Master of the Mercers' Company 2010 to 2011, and a trustee of The Royal Society of Medicine from 2010 to 2016. He wrote two reports for HM Government . In July 2003, he was given the task, by the Secretary of State for Constitutional Affairs , Lord Falconer of Thoroton , of undertaking a wide-ranging independent review of the regulation of legal services in England and Wales , published in December 2004 and known generally as
4845-477: The headquarters of the savings and mortgages business in Newcastle upon Tyne. On 9 January 2012, Richard Branson visited the Gosforth site and some branches of Northern Rock around Newcastle, including one with temporary Virgin Money branding. On 22 June 2012, Virgin acquired the remainder of the Gosforth site from Northern Rock (Asset Management) plc, the "bad-bank" which had been split from Northern Rock prior to
4930-406: The issue of banknotes emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London , who possessed private vaults , and who charged a fee for that service. In exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only
5015-442: The issue of a bank license vary between jurisdictions but typically include: Banks' activities can be divided into: Most banks are profit-making, private enterprises. However, some are owned by the government, or are non-profit organisations . The United States banking industry is one of the most heavily regulated and guarded in the world, with multiple specialised and focused regulators. All banks with FDIC-insured deposits have
5100-409: The largest 1,000 banks in the world grew by 6.8% in the 2008–2009 financial year to a record US$ 96.4 trillion while profits declined by 85% to US$ 115 billion. Growth in assets in adverse market conditions was largely a result of recapitalisation. EU banks held the largest share of the total, 56% in 2008–2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during
5185-436: The law in relation to negotiable instruments , including cheques, and this Act contains a statutory definition of the term banker : banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques does not depend on how
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#17327980132485270-475: The mortgage business and we will become a bank either by acquisition or by getting our own banking licence. You will see us become a consumer bank within the next couple of years." In October 2009, Virgin Money applied to the Financial Services Authority for a full banking licence. In February 2011 they announced their intention to lease a large office in Edinburgh . On 8 January 2010, Virgin Money announced
5355-534: The near term". Virgin Money's shareholders approved the deal on 22 May and it is expected to complete by the end of the year. On 31 May, the Competition and Markets Authority said that they would be investigating the proposed merger regarding the potential lessening of competition within the banking sector in the UK. On 19 July, the Competition and Markets Authority approved the transaction. The acquisition
5440-420: The original depositor could collect the stored goods. Gradually the goldsmiths began to lend money out on behalf of the depositor , and promissory notes , which evolved into banknotes, were issued for money deposited as a loan to the goldsmith. Thus, by the 19th century, we find in ordinary cases of deposits, of money with banking corporations, or bankers, the transaction amounts to a mere loan, or mutuum , and
5525-455: The past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. This helps in making a profit and facilitates economic development as a whole. Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetisation of data, white-labeling of banking and payment applications, or
5610-438: The promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time-period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus
5695-731: The prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world . In the history of banking , a number of banking dynasties – notably, the Medicis , the Pazzi , the Fuggers , the Welsers , the Berenbergs , and the Rothschilds – have played
5780-487: The purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases, the statutory definition closely mirrors the common law one. Examples of statutory definitions: Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking ,
5865-576: The rich cities in the centre and north like Florence , Lucca , Siena , Venice and Genoa . The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. Giovanni di Bicci de' Medici set up one of the most famous Italian banks, the Medici Bank , in 1397. The Republic of Genoa founded the earliest-known state deposit bank, and Banco di San Giorgio (Bank of St. George), in 1407 at Genoa , Italy. Fractional reserve banking and
5950-569: The sale of the bank to Virgin. On 23 July it was announced that Virgin would also be acquiring £465 million worth of mortgage assets from Northern Rock (Asset Management). On 12 October, Northern Rock plc was renamed Virgin Money plc and the Northern Rock brand was phased out. In January 2013, Virgin agreed to buy £1 billion of assets from MBNA ; these are the Virgin Credit Card assets which MBNA has serviced and managed in partnership with Virgin Money since 2002. The credit card book
6035-410: The word "Money". The previous logo was adopted in January 2012 and was introduced to signify the purchase of Northern Rock, which used a magenta logo. Virgin Money's January 2012 television advert showcasing the launch of banking products showcased a number of Virgin companies and was directed by Duncan Jones and worked on by Beattie McGuinness Bungay . Virgin Money's older logo was the word 'Virgin' in
6120-507: The world in the 2000s. The Virgin Group took 100% ownership of Virgin Money in April 2004, buying the remaining 50% stake for £90 million from AMP / HHG . In 2007, Virgin made a bid to acquire the Northern Rock bank; this initial bid failed. In an interview with The Times on 9 March 2009, Branson stated that he still hoped that Virgin Money would expand its operations into the banking sector, saying "We are going to get back into
6205-552: The world. Virgin Money announced plans to become a retail bank, and attempted to purchase Northern Rock in 2007 before it was nationalised by the British Government . Virgin applied for its own banking licence from the Financial Services Authority in 2009, and gained one through the acquisition of Church House Trust the following year. Virgin bought Northern Rock in January 2012 and rebranded
6290-462: The year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment in banking totalled US$ 66.3 billion in 2009, up 12% on the previous year. The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607 as of 2015). This is an indicator of the geography and regulatory structure of the US, resulting in
6375-523: Was Italian - Swiss musician Muzio Clementi . His maternal grandfather was Sir Henry Pelham, Permanent Secretary of the Board of Education from 1931 to 1937. He was educated at Winchester College, where he was captain of athletics and a distinguished footballer. He then went to Lincoln College, Oxford , where he obtained a degree in Philosophy, Politics, and Economics and a blue for athletics. He
6460-426: Was "The Duke". Clementi was Deputy Governor of the Bank of England from 1997 to 2002. In December 2002, he became chairman of Prudential plc , until December 2008. He was chairman of Virgin Money from October 2011 until May 2015. From February 2017 to February 2021, he was Chairman of the BBC . He held a number of other board positions. He was a non-executive director of Rio Tinto Group from 2003 to 2010;
6545-573: Was a member of the Great Britain Junior athletics team in 1968. After graduating, he qualified as a chartered accountant . He graduated MBA ( Baker Scholar ) from Harvard Business School in 1975. After graduating from Harvard Business School, Clementi commenced a career in the finance industry. He spent 22 years at investment bank Kleinwort Benson . In 1994, Clementi and Nicholas Redmayne were appointed as joint chief executives of investment banking. His nickname at Kleinwort Benson
6630-621: Was announced as warden of Winchester College and, in 2010, was Master of the Mercers' Company . David Cecil Clementi was born on 25 February 1949. His father, Cresswell Clementi , was an air vice-marshal in the Royal Air Force . His grandfather Sir Cecil Clementi was Governor of Hong Kong from 1925 to 1930 and Governor and Commander-in-Chief of the Straits Settlements from 1930 to 1934. His great-great-grandfather
6715-488: Was appointed deputy CEO of the Clydesdale Bank. Clydesdale Bank and Yorkshire Bank began operating under a single banking licence in the UK in 2005: Yorkshire Bank became a division of Clydesdale Bank but retained its own name for trading purposes. National Australia Bank confirmed in October 2014 that it planned to exit the UK, and was considering a number of options for Yorkshire Bank and Clydesdale Bank, including
6800-558: Was completed on 1 October 2024 and shares in Virgin Money UK plc were delisted from the London Stock Exchange and the Australian Securities Exchange. Virgin Money's logo is focused around the main logo of Virgin Group , which is an underlined word 'Virgin' in a red circle. The most recent version of the logo was adopted in December 2019 and has the word "Virgin" in a red circle forming the letter O in
6885-470: Was despite an investor revolt in which a third of shareholders opposed the payout, citing the fact that company had suffered its second consecutive annual loss, caused by a £385m charge for mis-sold payment protection insurance . Duffy's increase was largely due to a bonus of £1.3m linked to the 2015 demerger of Virgin Money's predecessor bank, CYBG, from National Australia Bank, as well as incentives from 2016. As at 21 November 2023 significant shareholders of
6970-589: Was expanded to the rest of the UK in 2015. In November 2011, the bank opened the first of its concept lounges in Norwich, followed by Edinburgh, Manchester , London and Glasgow with plans to open more. Virgin renamed Northern Rock's 75 branches as stores, and the first to receive a temporary Virgin makeover opened on 9 January 2012. Richard Branson has also indicated in interviews that he would like to open branches at railway stations; Virgin Rail Group operated
7055-468: Was integrated into Virgin Money's operations in 2014, and was expected to create 150 jobs at the Gosforth offices. The former Vice Chairman of MBNA Corporation, Lance Weaver, became Virgin Money's President of Virgin Money Cards. A further £363 million credit card asset portfolio was purchased from MBNA in 2014. In October 2014, it was announced that Virgin Money Holdings (UK) plc would float shares on
7140-452: Was then nationalised . During 2011 the government again asked suitors to come forward with proposals for Northern Rock. On 17 November 2011, it was announced that Virgin Money were to buy Northern Rock for £747 million, with other potential payments of up to £280 million over the next few years. By July 2012, a further £73 million was paid as deferred consideration. WL Ross & Co increased its stake in Virgin Money, owning 44% of
7225-460: Was to be in terms of a share offer where CYBG would give 1.2125 new shares for each Virgin Money share which was a 19% premium to the current share price and would see Virgin Money comprising 38% of the new combined group which would become the UK's sixth-largest bank with 6 million personal and small business customers, and total lending of £70bn. On 18 June, it was announced that the takeover had been agreed. Arrangements were made for CYBG to license
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