Jonathan Agnew set to join Virgin Money as Chairman
Sector: Banking & Finance
15th June 2011
Former Nationwide chairman, Jonathan Agnew, is set to join Virgin Money as its new chairman, as the lender looks to grow its business. Virgin Money is among the likely bidders for the 620 branches that Lloyds is being forced to sell off as part of a state-aid deal with the EU. Mr Agnew, who stepped down as chairman of the building society in 2007, is reported to have accepted the job and is awaiting clearance from the authorities before taking up the role with an announcement expected before the end of the month. Virgin Money is among the likely bidders for the 620 branches that Lloyds Banking Group is being forced to sell off as part of a state-aid deal with the European Commission and is also expected to be among the banks tabling bids for nationalised lender Northern Rock Plc when the Government begins its privatisation process.
Last month it was reported that Virgin Money was in talks to raise £2bn to help fund its bids for the Lloyds assets and Northern Rock. The addition of Mr Agnew as chairman will add heft to its attempts to become a serious player in the UK retail banking industry.
Virgin Money's management is keen to have sufficient Tier 1 capital in place before making any bid and will not be using debt to fund the potential acquisitions.
Source: Telegraph
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