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Virgin is launching its banking proposition from an already regulated bank, Church House Trust.

Virgin says among the attractions of Church House are that it has no reliance on wholesale markets and that retail deposits are double the bank’s loan book.

Entrepeneur and Virgin founder Sir Richard Branson says: “The Church House Trust business offers us a strong platform for growth. Virgin Money aims to bring simplicity to the UK banking market which has traditionally been a complex sector.”

The bank will offer a full range of financial services products under the “Virgin Money” brand.

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