(9th December 2003 – Australia) Virgin boss Richard Branson has confirmed that his company is in discussions to acquire AMP’s 50 percent stake in the Virgin Money Group.Speaking at a press conference for the listing on the Australian Stock Exchange of airline Virgin Blue, Branson said both parties were “pretty close” to a deal.
Virgin Money and AMP have been in partnership for more than eight years and analysts have calculated an appraisal value of AMP’s stake to be in the vicinity of A$208 million.
Branson also said he had a small team on the ground in Australia looking to see whether there were any opportunities for Virgin in the local banking industry.