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
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)
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(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.