The agreement with HM Treasury to buy the entire issued share capital of Northern Rock plc was signed on 16 November 2011.
The acquisition includes 75 Northern Rock branches, one million customers, a mortgage book worth approximately £14bn, a retail deposit book worth approximately £16bn and around 2,100 employees.
Combined with Virgin Money’s existing business of three million customers, the enlarged group will have over four million customers.
The combined business will operate under the Virgin Money brand.
Sir David Clementi will be the chairman of the combined business and Jayne-Anne Gadhia will be its Chief Executive Officer.
Gadhia said: “We have a unique opportunity to build a new kind of bank in the UK. A bank that’s honest, fair and transparent. A bank that will aim to make a real difference and provide enhanced competition in UK retail banking.
“Northern Rock and Virgin Money fit together perfectly and both have real experience in delivering service that customers truly value. We will now work together in our quest to change banking for the better.”
Mortgage Introducer first reported that Virgin Money had sealed the deal with Northern Rock in August 2011.
