City big gun Clementi chairs Virgin

Virgin Money has marked another milestone in its attempt to develop an Edinburgh-based banking business by appointing City veteran Sir David Clementi as chairman in succession to the late Sir Brian Pitman.

Celmenti was chairman of Prudential from 2002 to 2008 and before that was deputy governor of the Bank of England for five years (1997-2002).

In addition to his membership of the rate-setting monetary policy committee he was responsible for the day-to-day management of the Bank and had specific responsibility for its work on financial stability issues.

He spent 22 years at Kleinwort Benson, including a spell as chief executive and subsequently vice-chairman.

He is currently non-executive chairman at property developer King’s Cross Central General Limited Partnership and non-executive chairman at foreign exchange broker World First (UK).

He said: “The UK needs new competition in retail banking and Virgin Money is very well placed to bring about that competition. I am looking forward to working with Jayne-Anne Gadhia [chief executive] and her team to realise the potential of this business.”