BOQ buys Virgin banking

Richard Branson (pictured) is selling his Australian Virgin Money business to Bank of Queensland for $40 million. BOQ said on Wednesday it would snap up exclusive rights — for the next 40 years — to Virgin's brand in Australia, which has more than 150,000 credit card, insurance and superannuation customers. BOQ aims to use the Virgin brand as a distribution network to increase its consumer banking market share of about 2 per cent.

Richard Branson (pictured) is selling his Australian Virgin Money business to Bank of Queensland for $40 million. BOQ said on Wednesday it would snap up exclusive rights — for the next 40 years — to Virgin's brand in Australia, which has more than 150,000 credit card, insurance and superannuation customers. BOQ aims to use the Virgin brand as a distribution network to increase its consumer banking market share of about 2 per cent.

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