We've heard it time and again in 2011 - the UK retail banking sector needs a new kid on the block to challenge the big five.
There aren't many people out there who would disagree with this, one of the few issues about these days in which politicians from all parties and the majority of the public are in cordial agreement.
Increasing competition in the banking sector is essential for consumers and businesses alike and it is vital that we all have access to a competitive range of financial products.
The calls for greater competition are understandably less vocal from the existing players. Lloyds have been particularly hard hit, with the Independent Commission on Banking (ICB) recommending in September that a new challenger bank should be created out of the Lloyds divestiture (the forced sale of at least 600 branches), with the aim that the new organisation should have a 5-12% share of the UK current account market.
George Osborne today heralded the Northern Rock sale as a move that "will increase choice on the high street for customers", and one that will increase competition in the banking sector.
So will it? Perhaps not initially. Perhaps not ever. Some people will no doubt think it is daft to even consider the possibility that Virgin could now grow into a top 10 challenger.
Whilst Northern Rock is a sizeable operation it is a relatively small fish. It is not even in the top 10 UK banks, with the usual suspects dominating seven of the top 10 spots. Even Tesco Bank comes in at number 10, so clearly there is a lot of ground to make up.
But then the UK banking sector has never met Richard Branson. How many times has that man been laughed at for moving into a completely new and unrelated sector? A CD seller who started with one store on Oxford Street in 1971 and now runs airlines, gyms, bookshops, trains, music festivals, TV networks, air balloons and, yes, trips into space should never be discounted.
For how long did the suits at British Airways chuckle when his first 747 soared from Heathrow (the Northern Rock deal is not worth £747m up front by accident), and is James Murdoch still holding a wry smile at the idea of Virgin Media as a genuine competitor now that it holds a 30% market share?
Two other key aims listed by the ICB in regards to competition in banking, are making it easier for consumers to move to a new bank and introducing greater transparency in this switching process. Both of which will have Branson rubbing his hands - these moves will clearly play into the strength of the Virgin offering.
It already has an unrivalled brand reputation in the UK and will be an instant appeal to retail customers, so removing the technical barriers to rapid expansion - namely the stranglehold banks have on their customers due to the complexity of the switching process - will provide a real opportunity for Virgin to aggressively pursue market share. Carpe Diem.
The statement from Virgin today outlined that the new combined business of Virgin Money and Northern Rock will "compete strongly in the UK retail savings and mortgage markets - launching current accounts in 2013 and, in due course, lending to small businesses." So it will be a slow burn approach.
But as Branson himself said this morning: "Virgin has a history of entering new sectors to improve service and provide value for customers. We plan to do the same in banking."
Virgin to be in the UK's top 10 high street banks in 10 years? I wouldn't bet against it.