Virgin Money, the financial services arm of Virgin Group, has unveiled plans to grow its retail banking business in Australia in alliance with Citibank.
Virgin has unveiled Virgin Flyer Credit Card and Virgin No Annual Fee Credit Card and an online savings account Virgin Saver as the first of a full suite of banking products to be launched under the Virgin Money brand.
Matt Baxby, managing director for Virgin Money Australia, said: “Virgin Money has entered into a 10-year arrangement with Citibank to deliver a full suite of banking products to the Australian marketplace.
“Australians have embraced the Virgin Money brand with nearly 90% of Australians wanting Virgin Money in banking. So we intend to deliver on what Australian consumers want, the right products with the right service at the right price.”
Roy Gori, CEO of Citibank Australia, said: “The strategic alliance was part of a two-pronged strategy to grow Citibank’s Australian business through organic growth and strategic alliances.
“The turbulent economic conditions of the past couple of years have begun to lift, giving us a great platform to leverage our strategic alliance with Virgin Money and grow our business in a fresh direction by tapping into a consumer segment we don’t naturally target under our own brand.”