Virgin Money's new chairman Brian Pitman has today hit the ground running with a suggestion that the company is interested in acquiring branches which will at some stage be sold off by Lloyds bank and Royal Bank of Scotland. These branch selloffs were part of the EU agreement which allowed the UK government to bail out the two companies and it looks as though Brian Pitman, the former chairman of Lloyds TSB, is looking to acquire an instant branch network for the company.

Brian Pitman, who has been in the banking industry for many years, also believes that Northern Rock will not be sold off until the latter part of 2010, allowing the business to bed down and restructure for the future. Whether Virgin Money would be interested in acquiring the "good" Northern Rock bank remains to be seen because the company now has an increased presence and a banking licence which it intends to use to its full capacity!

More and more it looks as though Virgin Money is on the verge of becoming a prominent figure in the UK banking sector and potentially a prominent figure on the UK high street. Richard Branson does things very differently to traditional bankers and his particular characteristics coupled with the experience and knowledge of Brian Pitman could well be a match made in heaven for the growing Virgin Money machine.

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