The move is expected to take the UK-based financial services company owned by the Virgin Group a step closer to its aim of competing with the established high street banks.
During the 18 years stint as CEO and chairman of Lloyds, Mr Pitman transformed it from a small UK clearing bank to a major bank through a merger with TSB and a series of acquisitions.
Reportedly, Mr Pitman led the Virgin group’s failed takeover bid for Northern Rock before the later was nationalised by the government two years back. With Mr Pitman at helm, Virgin Money is likely to renew its bid for Northern Rock. The group is also said to be looking at the branches and customer accounts being sold by RBS.
Earlier this month, Virgin Money has gained a foothold in retail banking through the acquisition of domestic lender Church House Trust in a deal valuing the regional bank at GBP12.28m.The FSA have already approved the deal.
Virgin Money currently has over 2.5 million customers and offers payment cards, savings and investments products, general insurance products and life assurance products in the UK market.
