Virgin Money to create 150 new jobs

Virgin Money to create 150 new jobs

Virgin Money, a part of Sir Richard Branson’s Virgin group, is set to create 150 new jobs following the launch of its own credit card business.

The company has entered into an £1 billion agreement with American bank MBNA. The credit card operation of the company will be managed from the former Northern Rock headquarters in Gosforth. The company indicated that 150 new jobs will be created at the office when the company begins operations next year.

MBNA, which is a part of Bank of America, has partnered with the Virgin group since 2002 to provide credit cards. MBNA has now decided to acquire £1 billion of the firm’s UK credit card assets. A total of about 1.6 million customers have already received a Virgin credit card through MBNA and 550,000 of these cards will be transferred to the wholly-owned Virgin Money business in early 2014.

Jayne-Anne Gadhia, chief executive at Virgin Money, said, “Launching Virgin Money Cards is an excellent strategic opportunity for Virgin Money, in a market we know well. A credit card business will complement our existing mortgages and savings business and represents another significant step in growing our bank.”

She also said that the launch will bring new competition into the UK market and is expected to grow at a strong pace in the country.

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