Virgin Money step closer to building UK retail bank-papers

Virgin will pay £12.3m for the bank and invest £37.3m into the business, according to the BBC. Under the Virgin Money brand, the company will use the bank to offer savings and mortgages products. "The Church House Trust business offers us a strong platform for growth," said Virgin group founder Sir Richard Branson. Virgin Money has more than 2.5 million customers and offers a range of financial services including credit and pre-paid cards, savings, individual savings accounts, insurance and life assurance products. Church House, which does not operate a branch network, has ab...