(16 October 2015 – United Kingdom) Challenger bank, Virgin Money is set to launch into small business banking at a time where competition in the mortgage market is growing.
The lender, backed by billionaire Richard Branson, announced George Ashworth to head its expansion into the business banking sector.
Prior to joining ABN Amro in his latest role, Ashworth had a four year tenure at Aldermore, which specialises in SME banking, as managing director of asset finance.
The move follows news that rival TSB, which was bought by Spanish lender Sabadell in a £1.7 billion (A$3.6 billion) deal, is also seeking to expand operations into business banking market.
Jayne-Anne Gadhia, chief executive of Virgin Money said of the move: “We remain focused on delivering growth, quality and returns for the benefit of all our stakeholders.”
Adding that Virgin brand is “very appealing to SME business owners,” and that “the bank had put together a small team to explore opportunities in this space.”