Virgin Money

Virgin Money UK PLC (LSE: VMUK) is a retail bank headquartered in the UK.

The bank was formed through the merger of Virgin Money, Clydesdale Bank and Yorkshire Bank in 2018. It offers a full range of banking products and services to approximately 6.6 million personal and business customers across the UK.

Virgin Money provides current accounts, savings accounts, mortgages, credit cards, loans and insurance products to retail customers. For businesses, it offers current accounts, savings accounts, loans and other banking services. The bank operates through a network of branches, business centers, and digital channels including online and mobile banking.

Virgin Money aims to disrupt traditional banking by offering innovative products and a digital-first approach. In January 2024, it introduced a self-certification scheme to help businesses demonstrate their sustainability commitments. The bank has also launched products like a five-year fixed rate mortgage that allows switching after two years without penalties.

The company reported underlying operating income of GBP 1.873 billion for the 2023 financial year. It maintains a strong capital position with a CET1 ratio of 14.7% as of November 2023. Virgin Money is pursuing growth in target segments like unsecured and business lending while aiming to generate sustainable double-digit statutory returns in the medium term.