(5 November 2007 – Australia) Virgin Money Australia has played on the fact that its UK parent is currently eyeing beleaguered British bank Northern Rock to issue a slightly bizarre media release stating that it hasn’t ruled out Australian acquisitions.’While there is talk about market consolidation as a result of economic conditions and the banks keeping a watchful eye on the smaller non bank players, it’s a different story for heavy hitters like Virgin, turning the tables on the big banks,’ the media release said, somewhat confusingly.
Virgin Money said that being backed by the Virgin Group and Macquarie Bank meant it was in a unique and fortunate position when compared to other Australian lenders.
According to Virgin Money Australia chief executive David Wakeley, the company’s ambition for financial services meant it was constantly looking for opportunities to bring its customers value for money products.
He described Virgin as a responsible lender with a loan book of the highest quality and said the market needed competition to keep the big banks on their toes, and prevent interest rates sky rocketing.