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With support from Citibank Virgin Money is set to revive some segments of its Australian business.
Citibank will provide product investment support to help Virgin launch a new credit card and online savings account early next year, The Australian Financial Review reported today.
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Following the release of these, Virgin intends to look into releasing other products, depending on demand, the daily said. It is not yet clear whether these would include mortgages.
The new managing director of Virgin’s Australian business Matt Baxby said the company had consulted one of the big four banks as well as another foreign lender to partner the business but selected Citibank due to clearer “alignment of interests”.
Virgin Money’s once multiple financial services offering shrank to just superannuation following the credit crisis and the withdrawal of shareholders, including the Macquarie Group.
