Select a page

Banking News

Macquarie takes stake in Virgin Money

Macquarie takes stake in Virgin Money

(8 November 2005 – Australia) Macquarie Bank has taken a 10 percent stake in Virgin Money Australia and will provide the funding to develop and market new financial products. As part of the deal, Macquarie Bank will have representation on the Virgin Money board and could increase its equity in the company if the alliance proves fruitful.

Macquarie Bank deputy managing director, Richard Sheppard, said the investment in Virgin Money was part of the bank’s strategy to build strong alliances with third party financial organisations.

"This partnership will build on the existing superannuation relationship and capabilities of both parties and will provide customers with a range of first class retail products and services," he said.

Virgin Money CEO Rohan Gamble said Macquarie’s product manufacturing and back office capabilities were an excellent strategic fit with Virgin Money’s expertise in product development, marketing and customer care.

"This partnership gives us the opportunity to quickly create a broad based financial services brand with a fresh approach to product development and marketing and a focus on direct distribution," he said.

Virgin Money also has a relationship with Westpac, which issues the Virgin credit card.

Virgin’s superannuation product invests in funds managed by Macquarie Funds Management.

Virgin Money said it is looking for partners to develop other products including mortgages, personal loans, transaction accounts and general insurance.

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.