“Our plan is to re-enter the broker market in a cautious and measured way while also seeking feedback from brokers to make sure we get our offering right. We think that BOQ, which is truly independent of the big banks, will provide choice to brokers and their customers.”
BOQ managing director and CEO, Stuart Grimshaw, says the bank has worked hard to successfully re-establish the fundamentals of its business over the last 18 months and is now expanding its focus to growth.
“The acquisition of Virgin Money Australia immediately delivers increased geographic and income diversity, and allows us to fast track our existing multi-channel distribution strategy through access to an iconic brand and a business with proven capability in online customer acquisition and product distribution.”
Sir Richard Branson, founder of Virgin, said, says the company sees Australia as one of its most important markets.
“I am excited that, in partnership with BOQ, we will be able to develop more leading products and distribute them even more widely, so many new customers will get to experience the benefits of Virgin Money.”