There's a new name on the retail banking scene......Virgin Money. Following an unsuccessful attempt to buy a pre nationalised Northern Rock three years ago it's just paid £12.3 million for a small bank called Church House. It's based in Somerset, has £50 million in deposits, 3,000 customers, no branches and 10 staff. Independent banking analyst Ralph Silva assessed the significance of the move.
This item was first broadcast on Radio 4's Money Box on Saturday, 9 January, 2010
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