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Virgin Money has announced the appointment of Allegra Patrizi as incoming Managing Director Business and Commercial, subject to regulatory approval.

Allegra has worked in the financial services sector for over 20 years, holding senior roles at major international organisations and as an adviser prior to that.

Her latest role was as CEO of Aegon in the Netherlands and a member of the Aegon Group Management Board. Prior to Aegon, where she held a number of senior roles, she was Group Risk Director at Prudential plc. She joined Prudential from F&C Asset Management where she was Chief Product Officer and Chief Administration Officer. She started her career at McKinsey and Company where she rose to Partner. She is also a non-executive board member of D’Ieteren Group.

Allegra Patrizi said: “With a strong strategy built on the foundations of its incredible Purpose of Making you happier about money, it is clear there are exciting things to come for Virgin Money. I’m thrilled to be joining the bank to support its journey to becoming the UK’s best digital bank.”

David Duffy, Virgin Money CEO said: “The Commercial function is at the forefront of the design and delivery of our products, which benefit our customers and sits at the heart of our growth strategy. I’m certain Allegra will help us build upon the great work that has been achieved by the team so far. With her expertise, drive and insight, Allegra will be integral in our continued drive to becoming the UK’s best digital bank.”

Allegra will join Virgin Money at the end of August. Upon conclusion of the regulatory approval process it’s anticipated that Allegra will replace Hugh Chater, who will step down from his role in the Leadership Team and pass on both his regulatory responsibilities and leadership of the Commercial function to Allegra following a handover period. Hugh will remain with Virgin Money as a Senior Adviser until the end of 2024, at which point he intends to retire.