Citibank to help Virgin return to home loans

Mozo

Wednesday 17 June 2009

Virgin Group is set to re-establish its place in the non-bank home loan market with financial backing from Citibank.

Broker News reports that Citi has agreed to help the group re-launch a number of personal financial products such as credit cards and online savings accounts, with a return to the home loan market also on the cards

Sir Richard Branson confirmed his intention to re-enter the home loan sector back in March, when he told the media that Virgin will become a fully fledged consumer bank inside two years.

Speaking exclusively to the Times, he confirmed: "We are going to get back into the mortgage business and we will become a bank either by acquisition or by getting our own banking licence."

Virgin branded credit cards and online savings accounts are expected to hit the market early next year, with products such as home loans and term deposits also in the pipeline, providing the initial deals prove a success.

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