Virgin Money headquarters for Sydney

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VIRGIN Money, the UK-based financial services giant, has selected Sydney for its new Australian headquarters.

The company, owned by entrepreneur Sir Richard Branson, will also set up an expanded superannuation business in Wollongong on the NSW south coast, Premier Kristina Keneally announced on Tuesday.

More than 150 full-time jobs will be created over seven years as a result of the investment.

Virgin Money has operated in Australia since 2003 and currently has 24 employees based in Sydney.

Ms Keneally said the expansion of Virgin Money services will further strengthen Sydney's role in international banking and financial services.

"I warmly welcome Sir Richard Branson's decision to choose NSW as the headquarters for Virgin Money's banking operations in Australia," Ms Keneally said in a statement on Tuesday.

"As Australia's finance base, NSW is best positioned to capitalise on future industry performance and growth."