Virgin Money plans £2bn IPO

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2.8 million customers use their mortgage, savings and credit services and the IPO is expected to start trading later this month raising £150m.

2,500 employees will be awarded £1,000 worth of shares each as part of the float with another £50m expected to be returned to the taxpayer for its agreed purchase of Northern Rock in 2011.

Profits last month jumped to £59.7m (up from £13.1m the year before).

Similar to TSB, Virgin Money is unencumbered by the legacy of past banking scandals that are still haunting other lenders and so it is pitched up competitively to the larger incumbent banks in the UK.