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Date Published : Monday, February 25, 2008
The Virgin brand is one of the most successful companies in the world. With everything from airlines to cola, from mobile phones to space holidays - there can be no doubt as to Richard Branson's entrepreneurial success.
Virgin Money comes from the same stable of generally UK-based companies. It was founded in 1995 by Branson and originally named Virgin Direct but only launched in Australia in 2003 after the name change to Virgin Money.
Following on from its expansion in the UK, offering credit cards, loans, mortgages, insurance and pensions, Virgin Money began operating in Australia when it introduced its credit cards.
This expansion built upon the brand's local recognition across Australia, which started with the record label and presence of superstores at shopping malls across the country and continued with the launch of the Virgin Blue budget airline.
In 2005, Macquarie Bank announced that it bought a ten per cent share in Virgin Money Australia and, with its help, the company has opened up a number of branches in capital cities and beyond across the country.
At the time of the announcement, Rohan Gamble, chief executive of Virgin Money Australia, said: "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."
Expanding at a steady rate from credit cards into other finance areas, Virgin Money Australia now offers superannuation, which arrived in 2005, as well as home loans, which were introduced in 2006.
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As the global economy takes a battering, Australians could be forgiven for fearing the worst when it comes to their own nation's money matters.
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Prime minister Kevin Rudd has warned the country that the global financial crisis still has a long way to go before it is over, it has emerged.
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- Australia to weather the storm, says IMF
Australia's economy is in a healthy enough state to see it make it through the global downturn in one piece.
- Australia to weather the storm, says IMF
Australia's economy is in a healthy enough state to see it make it through the global downturn in one piece.
- Public and government 'confident in face of global economic turmoil'
As the global economy takes a battering, Australians could be forgiven for fearing the worst when it comes to their own nation's money matters.
- Public and government 'confident in face of global economic turmoil'
As the global economy takes a battering, Australians could be forgiven for fearing the worst when it comes to their own nation's money matters.
- PM warns crisis is 'far from over'
Prime minister Kevin Rudd has warned the country that the global financial crisis still has a long way to go before it is over, it has emerged.
