British entrepreneur Richard Branson has sold his Virgin Money financial services business in Australia to Bank of Queensland in a deal worth US$40 million.
Bank of Queensland will have exclusive use of the Virgin Money brand for four decades in exchange for an ongoing royalty to Branson’s Virgin Group.
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The Virgin Group will be based on BoQ’s board. Virgin Money has approximately 150,000 customers in Australia.
Accoring to BoQ, the deal will allow the lender to expand into untapped markets. BoQ’s chief executive, Stuart Grimshaw, said the deal will enable the bank to sell banking products marketed under the Virgin Money Australia brand, and provide "a low risk, high potential entry point into online funds management distribution with an established brand".
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