Virgin Money acquires Church House Trust

The acquisition provides the platform from which Virgin Money will develop a retail banking business in the UK, offering a full range of products - including mortgages - to consumers under the Virgin Money brand.

The FSA has already approved Virgin Money's application to become the controlling shareholder of the bank.

Sir Richard Branson, founder of the Virgin group, said: "The Church House Trust business offers us a strong platform for growth. Virgin Money aims to bring simplicity to the UK banking market which has traditionally been a complex sector."

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