Member Article

Virgin Money appoints new chairman after a profitable start to the year

Richard Branson’s Virgin Money has appointed Glen Moreno as chairman after reporting strong first half profit growth, with a pre-tax profit of £59.7 million, up £13.1 million on 2013.

Virgin Money, which is headquartered in Newcastle, is preparing to float on the London Stock Exchange. The bank bought Northern Rock in 2011 from the government for £820 million, renaming it as Virgin Money.

Moreno, previously senior independent director at Lloyds Banking Group, will replace David Clementi as chairman in mid-2015, according to the bank.

The bank increased mortgage balances by 3.7% in the first half of the year to £20.3 billion following gross lending of £2.5 billion. The group’s income increased by 28% to £210 million.

Mr Moreno told The Telegraph: “I have huge admiration for the way in which Virgin Money has continued to act as a voice of competition in the banking sector. “The bank’s strategy has delivered sustainable, responsible growth and a strong return to profitability. It is now one of the best performing challenger banks and I look forward to joining Virgin Money at such an exciting time.”

This was posted in Bdaily's Members' News section by Ellen Forster .