Branson sold Virgin Mobile to get into… Banking?

andrew_blackVirgin Mobile was recently sold to Bell for $142 million and it now seems that the reason was to take on other projects that will serve Canadians better, such as out banking system.

Sir Richard wants to attack the Canadian banking industry the same way he started Virgin Mobile. He said the problems and frustrations Canadians find in wireless are similar within our banks: unsatisfactory customer service, high fees and lack of consumer choice . So get ready, a web-based bank for Canadians called Virgin Money (already active in Britain) might be coming soon.

Sir Richard Branson said in a letter to Virgin Mobile Canada employees “Canada is ripe for more Virgin businesses to land there soon and we are working hard to make that a reality. There are a few sectors that could do with some shaking up and after seeing how Canadians responded to [Virgin Mobile], they’re ready and we’re ready for more.”

Andrew Black, President & CEO of Virgin Mobile Canada said “Richard thinks this industry in Canada needs some shaking up. It’s been on his list for a while. It’s an interest and now it’s becoming a priority for us to find ways to make it happen.It’s an interesting time for banking because people aren’t so sure, now that they have been through this tough point for the last six months or year, about who to believe and who to listen to. They don’t trust their banks to the same degree that maybe they did.”

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