Virgin Money has positioned itself for an assault on the UK retail banking market after buying regional bank Church House Trust.
Virgin will pay £12.3m for the bank and invest £37.3m into the business.
Under the Virgin Money brand, the company will use the bank to offer savings and mortgages products.
Analysts say that the deal allows it to control a banking licence and potentially to cherry-pick some sections of Northern Rock in time.
"The Church House Trust business offers us a strong platform for growth," said Virgin group founder Sir Richard Branson.
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