Westpac cuts ties with Virgin
26 November 2007
The Westpac Banking Corporation has announced that it will cut its ties with Sir Richard Branson's Virgin Money despite the success of their credit card products.
Having teamed almost five years ago to launch the Virgin low-interest-rate and no-fee credit card to snare a substantial share of the credit card market, the pair will part company after Westpac decided they were better off going it alone rather than to continue earning a small percentage from Virgin.
Virgin is expected to partner with American banking giant Citigroup who have been actively increasing their stake in the credit card business.
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