Commercial partner Sheila McGregor and commercial lawyer Sam O'Brien worked closely with Citigroup on the transaction and were assisted by Gilbert + Tobin’s tax and finance specialists.

The arrangement involved the launch of three co-branded financial services products. There are also plans to launch further co-branded financial services products.

“This is an exciting phase for Citigroup and Virgin Money. The transaction was also an indication of a general rise in brands not normally associated with financial services and products, entering into the consumer product market,” McGregor said.

McGregor said the alliance would provide “financial services and products to those with a strong association to the Virgin brand”.