Former Lloyds TSB chairman Sir Brian Pitman has been appointed chairman of the Virgin Money board.
Pitman will head the board of Virgin Bank. He is a senior adviser at Morgan Stanley and was recently appointed by the FSA as one of five advisers assisting the regulator on a framework for ensuring effective governance in financial institutions.
Virgin Money recently set up Virgin Bank after buying regional bank Church House Trust for £12.3m.
Pitman says: “Church House Trust provides Virgin Money with the ideal platform to make a significant impact in the UK banking market.
“Our bank will be well capitalised and managed prudently with a strong focus on serving customers. It will see a much needed return of old fashioned banking principles.”
Virgin president Sir Richard Branson says: “Sir Brian is one of the UK’s most influential bankers and will be a great asset to the Virgin Money business.”
Norman McLuskie and Colin Keogh will join the board as non-executive directors. McLuskie was deputy chief executive of RBS before the takeover of NatWest and he also headed Tesco Personal Finance. Keogh was previously Close Brothers group chief executive.
The Virgin Money executive team comprises Jayne-Anne Gadhia as chief executive, Finlay Williamson as chief financial officer and Roland Russell as chief operating officer.
Former Bradford & Bingley director of savings Ian Cornelius has been appointed banking director and ex-HBOS head of legal for retail Marcus Ezekiel is commercial director.