His appointments follows the announcement made earlier this year that its current chairman, Dundonian Jim Pettigrew would retire.

Mr Bennett has been deputy chairman and a non-executive director of the bank since October 2015 and senior independent director since January 2017.

He will become chair of the board of directors and chair of the Governance and Nomination Committee of the company on May 6 2020. following Mr Pettigrew’s retirement on May 5.

Mr Pettigrew will remain available in an advisory capacity to Mr Bennett for a period.

Upon becoming chair of the board, Mr Bennett will cease to be a member of the Risk Committee and of the Audit Committee.

Jim Pettigrew said: “Having now established Virgin Money UK PLC as a fully combined business and with a refreshed strategy in place, it is now the right time to let the succession process move forward and for the Board and Company to take the next steps in its evolution under a new Chairman. I am delighted David has been appointed, having so ably served as my Deputy and Senior Independent Director. I know I leave the Board and Company in very capable hands and wish David and the Company every success for the future.”

David Duffy, chief executive officer of Virgin Money, said: “I am very pleased that someone with David’s extensive banking experience and deep understanding of our business will succeed Jim as Chairman. I look forward to working with David as we support our customers, colleagues and communities through the current situation and in time return to executing our strategy and our ambition to disrupt the status quo.

“I would like to thank Jim for his tremendous leadership of the Board and stewardship of the business and for the support he has provided to me, the Board and executive team during that time. We all wish him well for the future.”

David Bennett added: “I am delighted to be appointed as Virgin Money UK PLC Chairman. Having served on the Board since 2015 I have seen close hand this business transform markedly and I know we are well placed to navigate through the current environment.

“I look forward to working with the Board and executive team as we continue on our exciting journey ahead. I would also like to express my thanks to Jim for his leadership of the Board and wish him all the best for the future.”

Jim Pettigrew also steps down from his Clydesdale Bank PLC and Virgin Money plc roles also on 5 May 2020. Mr Bennett will also become chair of Clydesdale Bank PLC and Virgin Money plc and of their Governance and Nomination Committees on 6 May 2020.