Virgin Money Australia has just announced that it will relaunch mortgages within 12 months. Virgin Money is the financial services arm of Sir Richard Branson’s Virgin Group, launched in Australia in 2003. The local arm was acquired by Bank of Queensland for approximately $40 million in April 2013, and BOQ managing director and chief executive Jon Sutton made the mortgage announcement when revealing the group’s half-yearly profit results today.

“We can continue to drive growth through our existing strategy especially when you consider we’re still below our peers’ market share in the broker channel and we have further upside through BOQ Specialist, as well as Virgin Money Australia where we expect to launch mortgages within 12 months,” Sutton said.