Clementi tipped as Virgin Money head

cITY grandee Sir David Clementi was last night reported to be in advanced talks to become the new chairman of Sir Richard Branson’s bank, Virgin Money.

The former chairman of insurer Prudential has emerged as the leading candidate for the role ahead of the bank’s bid for the Northern Rock “good bank”.

Clementi, who was also a deputy governor of the Bank of England, is set to replace Sir Brian Pitman, who died last year.

Branson is going head-to-head in his bid for Northern Rock against private equity firm JC Flowers. Virgin Money was unavailable for comment.