Sir Richard: Virgin Money to spark High Street revolution

Now that it’s the owner and operator of the Northern Rock retail branch network, Virgin Money will spark a High Street banking revolution.

Sir Richard Branson remarked that he has expectations that Virgin Money’s new retail banking arm will double its customer numbers within half a decade, saying that customers interested in personal and business bank accounts will be queued up around the block to get a piece of the pie.  Sir Richard hopes to challenge High Street behemoths such as Lloyds TSB, Santander, and RBS, by bringing its total customer base to eight million consumers by 2017, thus cementing its status as a true contender for banking market share.

The Virgin Group has never hesitated to go into new markets when there exist opportunities to improve customer experiences, the 61 year old Sir Richard said.  From the launch of Virgin Atlantic to its first steps in the record industry, Virgin has been blazing new paths for forty years, he also said, adding that Virgin now wishes to bring its revolutionary approach to the banking industry.

Sir Richard isn’t taking this new challenge lightly, as he acknowledged that the amount of hard work in store for Virgin Money is monumental.  However, he was confident that Virgin has the plans, the products, and the people in place to achieve its goals.

It was this past November when Virgin Money sealed the deal for Northern Rock to the tune of £747 million.  At the time of the announcement, Sir Richard made the promise to deliver a ‘better kind of bank,’ one that both Virgin Group could be proud of and that the public would be as well, adding that there will be no rest until they achieve these goals.

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