Pitman, Former Lloyds TSB chairman and chief executive, will head up the board as the group launches Virgin Bank. Pitman is currently a senior adviser at Morgan Stanley and was recently appointed by the FSA as one of five advisors assisting the regulator on a framework for ensuring effective governance in financial institutions.
Virgin Money recently launched Virgin Bank after buying regional bank, Church House Trust.
Pitman says: “I am impressed with the Virgin Money business and I am looking forward to working with Jayne-Anne Gadhia and her team. 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: “I am delighted to announce Sir Brian Pitman’s appointment to the board of Virgin Money. 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 prior to the takeover of NatWest and he also headed up Tesco Personal Finance. Keogh was formerly Close Brothers group chief executive.
The group has also appointed an executive team of Virgin Money, comprising of Jayne-Anne Gadhia as chief executive, Finlay Williamson as chief financial officer and Roland Russell as chief operating officer.