Virgin to launch high-street bank by 2011

by Alex Brownsell, marketingmagazine.co.uk 09-Mar-09, 10:10

LONDON - Virgin is to extend its brand into high-street banking within two years, according to Sir Richard Branson.

The entrepreneur told The Times that the company is looking to gain a banking license and begin offering mortgages over the coming two years.

‘We are going to get back into the mortgage business and we will become a bank either by acquisition or by getting our own banking license. You will see us become a consumer bank within the next couple of years,' said Branson.

In November, Virgin Money conducted a brand overhaul, involving a revamped logo, updated tone of voice and redesigned website. The brand was unveiled as the new sponsor of the London Marathon in summer 2009.

Virgin Money was first launched in 1995 under the name Virgin Direct.