The Guardianreports that Richard Branson is interested in starting an Internet bank to capitalize on disgruntled consumers unhappy with banks because of the financial crisis. The Guardian says Branson will either launch a new bank outright, enter into a partnership with another bank or buying a bank, such as Northern Rock.
The entrepreneur will act through his Virgin Money subsidiary, which is headed by Jayne-Anne Gadhia, a former boss of RBS's mortgage division and marketing director of Norwich Union.
Virgin Money is understood to be poised to apply for a banking licence from the Financial Services Authority to allow it to take deposits and offer mortgages for the first time. Branson is talking to US investment banks and other investors about financial backing.
He is also talking with advisers about more ambitious plans that could see Virgin launch a bid for Northern Rock, if the government decides to sell part of the bank back to the private sector before the general election in May 2010.
The article doesn't have many details about how the bank would operate - only that Branson is planning to launch a new bank or buy his way into an existing bank.
The Guardian 
