Virgin Money boss Jayne-Anne Gadhia would support quotas to get more women on boards as she believes it would lead to more balanced decision making.

However, the chief executive of the challenger bank admits she would be "sad" to see a quota system brought in.

European Union officials are still considering whether to make it mandatory for publicly listed companies to keep 40% of board seats set aside for women.

It has also been revealed this week the Scottish Government is looking at ways to increase female board representation of public sector bodies.

Ms Gadhia, speaking after delivering a speech at the Institute of Directors Scotland annual conference at Gleneagles yesterday, said: "There is a general trend to have more women on boards.

"Over time we will get there but if there is something in the system which helps us then we will get there faster.

"It is disappointing from a human rights [view] that we have to have quotas but in order to get quickly to a place which I believe will be much better [and] where I do believe that a balanced board - and I mean in terms of gender - will make better decisions for customers then I think I would be supportive of it but slightly sad we need it."

Ms Gadhia reaffirmed her belief that challenger banks like the one she heads can challenge the might of big players such as Lloyds Banking Group, Royal Bank of Scotland, Barclays and HSBC but conceded that without further government intervention the process will take much longer.

While she praised recent legislation making it easier for customers to switch accounts she believes further action is needed.

The idea of full account portability - similar to keeping your mobile phone number when switching providers and would involve sort codes and account numbers staying with the customer regardless of who they bank with - is one she is keen on.

Ms Gadhia said: "There should be a central place where we can all have our account numbers and sort codes and we can take them with us. If that is the case then it is really dead easy to move providers and get a better deal.

"In the world of current accounts where the big banks have more than 90% and it is difficult for customers to move then it will be difficult for challenger banks to get to a fair balanced market share without that systemic market change."

Edinburgh-based Virgin Money acquired part of Northern Rock in November 2011, then in January this year completed a deal to buy £1 billion of UK credit card assets from MBNA.

Ms Gadhia says the bank is focused on organic growth. While it has no plans to add to its 75 branches new Virgin Lounge sites - offering free wifi, refreshments, use of iPads and children's areas - are pencilled in for the next year including one in Glasgow.

She said: "We don't need to acquire any other capability or customers to grow. I would never say never but [acquisition] is not on the agenda at the moment.

"Our own business has been developing very strongly with significant growth in our lending and savings books.

"I think we have benefited from being a trusted brand in banking when other brands are perhaps less trusted."

While Virgin Money has no real business lending Ms Gadhia concedes breaking into that market remains a long-term aim.

She said: "Over the years to come it is possible we may go into that market but we want to ­absolutely get personal lending right before we start to look in that direction."

Ms Gadhia insists those in the banking sector have the right intentions to reform it and rebuild trust with the public but there remain enormous legacy issues.

She added: "Once we are through all of it then I think we will have a competitive and sound banking system. We are a while away from that yet but not because we are lacking in good intention."

The IoD conference also heard from C&C Group's Stephen Glancey, London 2012 Olympic organising committee member Bill Morris and jewellery maker Sheila Fleet.