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Branson's Next Launch: Virgin Internet Bank

Exploiting the public's discontent with banks, Virgin could bid for Northern Rock

By Clay Dillow, Newser Staff

Posted May 18, 2009 7:16 AM CDT

(Newser) – Capitalizing on public disgust with Britain’s big banks, Richard Branson plans to launch an Internet bank through subsidiary Virgin Money that will take deposits and offer mortgages, the Guardian reports. Branson is talking to investors and some US banks about financial backing and could set in motion more ambitious plans to acquire Northern Rock if the government decides to sell part of it back to the public before 2010 elections.

Sir Richard Branson, founder and chairman of the Virgin Group speaks at the Swiss Economic Forum SEF, in Thun, Switzerland, Friday May 15, 2009. (AP Photo/Keystone/Peter Schneider)

Sir Richard Branson, founder and chairman of the Virgin Group. (PRNewsFoto/Virgin Money, Faith Ninivaggi)

Sir Richard Branson, founder and chairman of the Virgin Group, is happy about a rock of the Jungfrau Mountain he received from SEF founders Stefan Linder and Peter Staehli. (AP Photo/Keystone/Peter Schneider)

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uplink

May 18, 2009 12:30 PM CDT

A man who does good things well. he will likely be the only banker in the world who is not out to screw everyone he meets. based on his previous record I will put money in Branson's Internet bank. the downside is that he will be called a "banker" which is a seriously dirty word. also, he may not be sleazy and dirty enough to receive government approval.

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Branson's Next Launch: Virgin Internet Bank

Exploiting the public's discontent with banks, Virgin could bid for Northern Rock

OTHER STORIES ON OUR RADAR

Richard Branson • United Kingdom • bank • Britain • Virgin Group • Northern Rock Bank • financial crisis

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Nationalization Looms for Royal Bank of Scotland

Lack of faith in government's bank bailout plans sparks investor stampede

UK Buys Up Bank Shares in Radical Bailout

Cost of drastic rescue package could top $800B

Northern Rock Bailout Plan a Money Shuffle

Deal pays back government loans, but public still on the hook

RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout

British taxpayer may soon own 95% of bank

Britain Now Owns Majority Share of RBS

Failed rights issue leaves banking giant in taxpayer hands

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Branson's Next Launch: Virgin Internet Bank

Exploiting the public's discontent with banks, Virgin could bid for Northern Rock

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OTHER STORIES ON OUR RADAR

Richard Branson • United Kingdom • bank • Britain • Virgin Group • Northern Rock Bank • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Nationalization Looms for Royal Bank of Scotland

Lack of faith in government's bank bailout plans sparks investor stampede

UK Buys Up Bank Shares in Radical Bailout

Cost of drastic rescue package could top $800B

Northern Rock Bailout Plan a Money Shuffle

Deal pays back government loans, but public still on the hook

RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout

British taxpayer may soon own 95% of bank

Britain Now Owns Majority Share of RBS

Failed rights issue leaves banking giant in taxpayer hands

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Newser By Users

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More News

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