Virgin Money is on the hunt for a new chairman in advance of Scots finance veteran Jim Pettigrew’s planned departure.

Mr Pettigrew will retire by September 2021, following nine years on the board. Virgin Money said his departure is “in line with the board succession plan and good corporate governance practice”. The board has therefore initiated a search process to allow time to identify his successor and enable an orderly handover,” the group added.

Mr Pettigrew was chairman of Clydesdale Bank owner CYBG before its merger in 2018 with Virgin Money.