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2007
Virgin Money and Citibank sign up to battle Big Four Banks
Wednesday September 23, 2009
Virgin Money and Citibank have announced that they be launching their own range of new retail deposit accounts, mortgages and credit cards in a bid to steal some market share from the big four banks in Australia.
This new agreement between the two financial institutions will see Virgin remerged as a serious contender on the Australian banks industry after previous selling out, with Citibank providing the banks infrastructure and funding. By combining their position in the credit market, the new Citibank and Virgin partnership will see them surpass National Australia Bank in the credit market by increasing to over 14 per cent between them.
Both businesses are recovering from previous actions on the banks industry with Virgin selling its 750,000 credit cards customers to Westpac one year ago after building them up over several years.
Citibank itself has been launching new offers and credit cards deals to entice customers to use their services. Virgin has also been improving its selection of credit cards with the partnership producing a new Virgin Blue credit card which will be connected to an airline points reward program to create a competitive market with the current Qantas frequent flyer program.
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