Branson opens the doors for competition

Sir Richard Branson today announced a new era of competition for the Australian banking industry, when he launched the first phase of Virgin Money’s new range of banking products. Branson signalled Virgin Money’s intent to shift the balance of power away from the ‘Big Four’ banks.

Speaking in Sydney this morning, he said, “Virgin Money is here to make all Australians better off. Today we’re launching the first in a range of new products starting with two credit cards and an online savings account – all of which are best in class. There is no better time to offer Australians a genuine alternative with simple and fairly priced banking products in an industry where there’s less competition today than ever before. This is classic Virgin territory,” he said.

Richard Branson added, “Yes, Australia steered itself superbly through the Global Financial Crisis, but unfortunately this came at a price: the elimination of genuine choice. The finance sector in Australia has become highly consolidated and is now dominated by the Big Four, which results in the average Aussie getting less choice. Virgin Money is out to make a fair profit – not the most we can get away with. We’re here to shake up financial services in Australia as we’ve done in air travel.”

Virgin Money’s new range of products will be delivered through a strategic alliance with Citibank Australia.

Source: Virgin Money