Branson to bring Virgin Money to Dubai

Virgin tycoon Sir Richard Branson is considering bringing his financial services company Virgin Money to Dubai.

The airline boss last year launched Virgin Atlantic services between London and Dubai, which have proved a huge success - the flights' Upper Class section is regularly sold out.

With Virgin Megastores having also been prominent in the emirate, sources suggest Branson is now looking at adding financial services to his growing Middle East empire.

A source within the organisation revealed the multi billion dollar company hoped to be part of the thriving financial services market in Dubai.

"If you look at the financial services market here in Dubai it is already huge but growing very fast. Barclays Bank came in this year and have done very well.

"There is clearly room for more players, and there is always a market for something different. It is more a question of regulatory approval, but if we could get that then it is something we could pursue," says a source close to Virgin.

Branson first moved into financial services in 1995 with the launch of Virgin Direct, and two years later launched the revolutionary "One" account.

The company has since become a major player in the credit cards, loans and mortgages market in the UK, and expanded into South Africa, Australia and the USA.

Last month Branson also lodged a bid to take over the troubled UK bank Northern Rock.