A report in industry newspaper Financial Adviser has said that Richard Branson is "eyeing up" the acquisition of AMP's (Australian Mutual Provident's) 50% holding in Virgin Money.
Our view
Not a revelation - AMP are a troubled Australian insurance giant with holdings in many UK brands such as London Life, Pearl, NPI and more - they are re-thinking strategies at present with a view to moving away from the UK market. Shareholders have said "yes" to breaking up the UK Group companies and Court approval is awaited. This is yet another obvious move - and the obvious person to purchase the 50% balance stake.
The fact remains, that whilst there is some excitement about what Virgin Money has done - the products are average, the charges are average and performance is average - but the brand is good. Brand means alot - the biggest financial services brand (not Virgin) in the UK has some of the worst performingg contracts - So Beware!
Take independent financial advice first. Visit the Help Zone to find out how we can help you!