Virgin Money Plc

Business Focus
retail banking

Virgin Money a member of Virgin Group which provides a range of financial products including current and savings accounts, investments, mortgages, payment cards, insurance and pensions. On 21 October 2019, the business of Virgin Money plc was transferred to Clydesdale Bank PLC.

Services

retail banking

Clients

individuals
companies

Area Served

GBUnited Kingdom

Products

current accounts
prepaid cards
credit cards
savings accounts
time deposit accounts
ISA accounts
stocks and shares ISAs
unit trusts
life insurance
travel insurance
mortgage loans
personal pensions
workplace pensions
children’s pensions
travel money

Account Opening

Becoming a client of Virgin Money Plc can be done in a few steps:
1.
Submit online application
2.
Visit bank branch

Due to regulatory requirements Virgin Money Plc performs KYC/AML checks when establishing business relationships with a new client. While onboarding a private individual Virgin Money Plc will ask him/her to provide the following documents: passport, ID card, utility bill, income details. For corporate clients Virgin Money Plc will ask to provide corporate documentation as well as information about controlling persons. Virgin Money Plc may request additional documentation or information depending on the case.

Ways to Bank

Virgin Money Plc delivers its products and services through both direct and indirect channels, namely:
retail store
online banking

Financials

Total Assets of Virgin Money Plc
Annual_profit of Virgin Money Plc
Market Share of Virgin Money Plc
Total Assets (2018)
44,790.90 mln GBP  (+9.20%)
Annual Profit (2018)
71.00 mln GBP  (-63.08%)

Virgin Money Plc is the 18th largest bank in the United Kingdom in terms of total assets. In 2018 its total assets were 44 790,90 mln GBP, providing the bank with the market share of 0.50%. In 2018 the bank's annual profit was 71,00 mln GBP.

Credit Ratings

Fitch: BBB+
AAA
AA+, AA, AA-
A+, A, A-
BBB+, BBB, BBB-
BB+, BB, BB-
B+, B, B-
CCC, CC, C, RD, D
Moodys: -
Aaa
Aa1, Aa2, Aa3
A1, A2, A3
Baa1, Baa2, Baa3, Baa4
Ba1, Ba2, Ba3
B1, B2, B3
Caa1, Caa2, Caa3, Ca

Virgin Money Plc is rated by Fitch. Long-term credit rating assigned to the bank by Fitch is BBB+ (good credit quality).

Deposit Guarantee

Protected Amount
up to 85,000 GBP
Guarantee Fund
Financial Services Compensation Scheme (FSCS)
Covered Depositors
private individuals
companies
Covered Accounts
current accounts
savings accounts
time deposit accounts

Virgin Money Plc participates in the deposit guarantee scheme of the United Kingdom. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by private individuals, companies and covers up to up to 85,000 GBP per bank per depositor. Virgin Money Plc is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it.

Contacts

Northern Rock House, Gosforth, NE3 4PL, Newcastle-Upon-Tyne, United Kingdom
+44 08456008401
https://uk.virginmoney.com/

Virgin Money Plc is headquartered in Newcastle-Upon-Tyne.

Bank Identifiers

LEI
213800NISCV8CQI6LW27
Company Number
06952311
MFI ID
GB2000

Bank Supervision

Supervised By
Financial Conduct Authority
Reference Number
503963

Virgin Money Plc is authorized and supervised by the Financial Conduct Authority (reference number 503963).

Bank History

Start Date
July 2009