Sir Richard Branson takes another commercial leap and attempts to become one of the key banking service provider in UK by giving a nod to buy the Church House Trust, a petite local private lender in UK. The acceptance of this deal by Financial Services Authority will endow Virgin Money with a banking license, much needed to offer full range of financial products to their customers.
After the completion of the acquisition process, Virgin Money plans to nurture its banking business geologically. Currently, Virgin Money offers personal financial services like insurance, pension schemes, and retail credit cards. After acquiring Church House Trust, it will obtain the right to receive money from depositors and lend mortgages.
Royal Bank of Scotland and Lloyds has informed that they will divest. However, [...]