The owner of Virgin Money Australia has announced that the group will relaunch mortgages within 12 months.
Bank of Queensland managing director and chief executive Jon Sutton today announced the group’s half-yearly profit results in which he outlined the regional bank’s plans for its subsidiary businesses.
“We can continue to drive growth through our existing strategy especially when you consider we’re still below our peers’ market share in the broker channel and we have further upside through BOQ Specialist, as well as Virgin Money Australia where we expect to launch mortgages within 12 months,” Mr Sutton said.
Virgin Money was active in the Australian mortgage space and broker channel for a number of years. The group first announced its plans to enter the mortgage market in 2011 after forming a successful partnership with Citibank in 2009.
BOQ acquired Virgin Money in April 2013.
The regional paid approximately $40 million for the exclusive Australian rights to the retail arm of Virgin Group and its brand.
More to come.