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Citibank has formed a strategic alliance with Richard Branson’s Australian Virgin Money group in a bid to re-introduce competition into the market.
According to a report in The Australian, under the 10 year profit sharing contract Citibank will develop Virgin branded credit cards and mortgages that will go head to head with the big four.
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Specific details around the distribution of Virgin mortgages are yet to be confirmed.
A spokesperson from Citibank told Mortgage Business that “the ink on the deal is still drying, so as yet, no specifications on Virgin branded mortgages have been outlined.”
Under the contract, Citibank will provide funding, infrastructure and banking networks while also creating new credit cards, retail deposit accounts and mortgages.
