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"Wow. How the banking industry has changed. From men in suits and bowler hats to supermarkets and long-haired hippies like Richard Branson" reports Gary McGeown from The Irish Entrepreneur Superconference (http://LifeLastingSuccess.com)
Yes -"Virgin Money is reported to be considering the acquisition of a small bank to enable its expansion into the UK’s retail banking sector.
The company’s name has already been linked to Government plans to create three new retail banks from the dissolution of Royal Bank of Scotland (RBS), Lloyds Banking Group and Northern Rock.
In November, the Treasury let it be known that it would be selling assets of the part and wholly-nationalised banks to relatively new entrants to the UK financial sector, such as Virgin Money and Tesco.
Over the next five year, ministers want to create three “boring” banks, focused on deposits and mortgages, and thereby increasing competition.
Virgin applied to the Financial Services Authority for a banking licence in the autumn, when the firm was rumoured to be preparing a bid for the “good bank” element of Northern Rock.
The outcome of the application is awaited and the acquisition of a small retail bank now could allow Virgin to keep pace with Tesco, which is proposing to launch a current account in late 2010.
Tesco recently appointed Fiserv to provide its financial services’ IT systems and the partnership with the global financial technology group was seen as further evidence of the seriousness of the supermarkets retail banking ambitions".
Online banking, marketing & sales are the future of business and money. If you'd like to learn how to cut off your own chunk of the action, don't miss the Irish Entrepreneur Superconference, just click here >> http://LifeLastingSuccess.com
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