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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