Citibank and Virgin Money partner up against big banks
24 September 2009
Citibank and Virgin Money have announced the launching of their partnership which will see the Australian banking industry receive a new range of credit cards, retail deposit accounts and mortgages in an effort to take on the major banks in Australia.
By combining both Citibank and Virgin Money portfolios, the partnership will now surpass National Australia Bank in the credit market with the partnership having over 14 per cent between them in the Australian market.
The partnership will see Citibank provide bank infrastructure and funding after Virgin Money had previous left the Australian banking industry after selling its 750,000 credit card customers to Westpac bank one year ago. The partnership will see Virgin re-enter the Australian bank market on a strong foundation.
Coinciding with this partnership, Citibank itself announced the launch of its latest credit cards deals and offers that are enticing bank and credit cards customers to their products and services. Incidentally, Virgin has also expanded its own credit cards range with the new Virgin Blue credit card that will work in conjunction with the Virgin airline points reward program.
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