Branson eyes off local banking sector

Sir Richard Branson is talking again about entering Australia's finance sector. He said yesterday he's examining the possibility of Virgin Money making loans to small businesses. He described Australia's banking sector as the nation's “most unpopular” industry and said he's looking to claim part of that market. Sir Richard said he wants to come up with a formula that enables small businesses to be set up and properly funded as well as marginally exceed overdraft limits without being “jumped on”. Virgin Money has already launched a credit card in Australia in partnership with Westpac. The company says it will continue to roll out more financial products under the Virgin brand. It's likely to look at general insurance, home loans and investment products similar to those already in the UK.