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Westpac and Virgin Money Agree Credit Card Deal

3 April 2008

Virgin Money and Westpac Banking Corporation have agreed a deal on the Virgin Credit Card. Westpac will retain the credit card portfolio and has been granted an exclusive brand licence by Virgin until June 2009. Westpac will pay Virgin Money $39 million over 14 months. Virgin Money has agreed not to re-enter the credit or debit card market over the duration of the new agreement.

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