Virgin Money is planning to create 200 new jobs in Edinburgh beginning in March and April of next year.

The hiring initiative will bring the firm's headcount to about 500.

Virgin Money, which has been providing services including pension programs and credit cards since its launch in 1995, now plans to open a Retail Banking division.

Virgin Money, the financial arm of businessman Richard Branson, is providing a welcome boost to the Scottish capital which has suffered large-scale job cuts.

Recently, Royal Bank of Scotland (RBS) and insurer Standard Life announced their plan to axe staff in large scale.