Member Article

Virgin Money sell Church House

Virgin Money have sold regional private bank Church House Trust to SAV Credit Limited.

Neither company have disclosed how much the deal is worth, although the bank’s Yeovil base and staff will remain.

The deal is subject to approval from the Financial Services Authority, and is expected to close in the first half of 2013.

Virgin originally bought Church House in 2010 in a move to provide a platform for its UK retail banking aspirations.

SAV’s Chief Executive Officer James Corcoran said: “The acquisition of Church House Trust is a very significant step forward in the on-going development of SAV Credit from its core credit card business. The business provides a platform for growth in other product areas while capitalising on the experience of Graham and his team.

“In particular the deal will enable us to help drive increased competition in the savings market with simple and consistently competitive products while expanding SAV’s funding base for further sustainable growth.”

This was posted in Bdaily's Members' News section by Tom Keighley .