Virgin Money takes ex-RBS deputy on board

Published on Thursday 28 January 2010 20:42

SIR Richard Branson's Virgin Money has unveiled its board, which includes former Royal Bank of Scotland deputy chief executive Norman McLuskie as a non-executive director.

His appointment comes as Virgin group's financial services arm confirmed Sir Brian Pitman as chairman.

Virgin Money plans a major assault on the big high street banks so has enlisted financial heavyweights for the new board.

It hopes to become a major force in retail banking and to capitalise on the loss of consumer trust in the established players during the credit crunch.

Pitman is a former chief executive and chairman of Lloyds TSB. McLuskie worked at RBS for 20 years before retiring in 2004. He was deputy chief executive prior to the takeover of NatWest and then led its retail direct division, which included Tesco Personal Finance.

McLuskie was first linked with Virgin Money last September when there was speculation that he was in discussions about joining the business.

Also joining the board is Colin Keogh who worked for Close Brothers for 25 years and was group chief executive from 2002 to 2009.

The three new non-executive directors, together with Gordon McCallum and Patrick McCall, the existing directors, will provide direction to Virgin Money chief executive Jayne-Anne Gadhia and her senior management team.

Gadhia said: "The demonstrable skill and experience of the executive team and board makes us certain we can make a positive difference in UK banking."

Gadhia lives in Edinburgh and Virgin Money's head office is in Calton Road. This month it announced plans to hire 30 staff, doubling its city complement.

It bought small regional player Church House Trust earlier this month to secure a banking licence. Virgin Money is seen as a front-runner to bid for the "good" part of nationalised Northern Rock. It is also thought to be interested in buying assets from RBS.