Business

Virgin Money appoints new chairman Glen Moreno

Branson Image copyright Getty Images

Virgin Money, the UK challenger bank partly owned by entrepreneur Richard Branson, has announced that it has appointed a new chairman.

Glen Moreno, chairman of the publisher Pearson, will replace David Clementi in mid-2015. Mr Moreno is a former director with Lloyds Banking Group.

The bank reported strong first half profit growth, with a pre-tax profit of £59.7m.

Profits were up £13.1m on the year previous.

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