(19 June 2009 – Australia) Virgin Money Australia and Citibank Australia have announced an agreement to deliver a full range of Virgin-branded financial services to the Australian market.The Heads of Agreement alliance has been formed to provide a broad range of retail banking products.
Virgin Money currently only provides Superannuation in Australia after its agreements with Westpac and Macquarie to provide Credit Cards and Home Loans respectively were wound up.
The first Virgin branded products to be released will be introduced in early 2010 and include credit cards, savings and other retail banking products.
Matt Baxby, managing director of Virgin Money Australia, said that the provider was working with Citibank to launch a range of banking products that offer great value and the excellent customer service that people expect from Virgin.
Baxby added that he believes that Virgin can offer Australian consumers a genuine banking alternative, at a time of consolidation in the banking sector.
Roy Gori, chief executive officer, Citibank Australia, the consumer banking arm of Citi, said that the alliance with Virgin Money would combine Virgin Money’s brand and marketing expertise and Citibank’s banking services.
Gori reiterated the potential benefit of the added competition to Australians.