The Bankwatch

Tracking the consumer evolution of financial services

Speculation mounts about Virgin next move for banking in Canada

There appears to be little more than speculation, and floating of ideas here, but nonetheless Virgin have just announced intention to launch a direct bank in UK, and Branson has noted his broad intention to get more involved in financials services.

Something to keep our eyes on.  A move such as this is good for financial services, and good for the broader industry including system vendors, such as my friends at SIT, because any new set up will need the flexibility of a web based approach coupled with solid banking and investment systems.

Virgin’s next chapter: Is now the time to bank in Canada? | Globe and Mail

In the contrarian view of Sir Richard Branson’s conglomerate, today is an opportune time to start a bank. And after floating the idea publicly more than a year ago of launching a Web-based bank for Canadians, Virgin is close to making a final decision, following news last week that it is selling its stake in Virgin Mobile Canada to BCE Inc.’s (BCE-T) Bell Mobility.

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Written by Colin Henderson

May 21, 2009 at 09:57

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