Business Stripped Bare by Richard Branson

Author:Richard Branson [Branson, Richard]
Format: epub
Publisher: Random House Publishing Group
Published: 2010-12-25T12:25:39+00:00

It was clear from day one that the Virgin brand was going to succeed in financial services. The staff were brilliant and worked their socks off. The £17,000 attic computer system became the prototype as we launched life insurance and pensions too.

Norwich Union didn't have the appetite for building a bigger business, but Virgin Direct needed the capital to grow. So in 1997 Norwich Union sold its 50 per cent stake in Virgin Direct to AMP, the Australian life assurance business and owner of Pearl Assurance. AMP and Virgin became fifty–fifty joint venture partners. In November 1996 I wrote to George Turnbull of AMP, proposing 'a business plan to launch a basic mortgage first (together with a card) followed by a mass-market card'.

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