Virgin Money wants to enter South Africas retail banking sector.

By bne IntelliNews March 1, 2013
UK-based bank and financial services company Virgin Money, part of global diversified investor Virgin Group, will be looking to offer retail banking products in South Africa, BDay Live reported. Virgin Money, which has been offering a credit card through a partnership with Absa bank and short-term insurance through Dial Direct, launched this week a direct life insurance offering with 1Life Insurance. The Virgin Money credit card has issued credit of more than ZAR 1bn (EUR 85mn) since its launch in 2006 and has gained more than 100,000 active customers. Virgin Money plans to start offering insurance products for small and medium enterprises as of October 2013.

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