Virgin Money has confirmed its sale of Church House Trust Limited, the subsidiary which provided its banking licence, to London-based merchant bank, Ocean Industries S.A.
The £13m sale was finalised on November 30 after the bank released details of the sale process ahead of its IPO last month.
Somerset-based Church House Trust was loss making in the six months to the end of June, and had a net asset value of £24m.
Virgin Money acquired the regional bank in 2010 in order to obtain a banking licence, allowing the North East-based bank to offer its own range of products.
Approval for the deal was granted by the Prudential Regulation Authority early this month.
Virgin Money had originally tried to sell Church House Trust in 2012 to credit card provider, SAV Credit, but the deal was called off
Jayne-Anne Gadhia, chief executive officer of Virgin Money, said: “The acquisition of Church House Trust back in 2010 was an important step forwards for Virgin Money, but with our acquisition of Northern Rock plc in 2012 and subsequent IPO, now is the right time for us to sell the business.
“I would like to thank all the team at Church House Trust for their support over the past 5 years and wish them and Ocean every success for the future.”