Virgin: Northern Rock will revitalise the high street

Thursday, 17 November 2011 10:47 AM

Virgin Money's chairman Sir David Clementi explains his company's approach after buying Northern Rock from the government:

"Returning Northern Rock to private ownership is an important step in rebuilding the UK banking sector, as well as an outstanding opportunity to enhance competition and financial stability whilst protecting jobs and the economy in the north-east of England.

"It is our intention to build a significant banking competitor in the UK and to take that business to the public markets within five years through an initial public offering."

Virgin founder Sir Richard Branson gives his take on the sale:

"Banking in the UK needs some fresh ideas and an injection of new competition.

"I'm delighted we will get the chance to work with the loyal staff of Northern Rock to create a new force in the market.

"Virgin has a history of entering new sectors to improve service and provide value for customers. We plan to do the same in banking."

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• northern rock