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Business & Economy

CYBG Group reveals Virgin Money rebrand after £1.7 billion takeover

A banking group behind a £1.7 billion takeover of a Newcastle-based lender has revealed rebrand plans.

CYBG Group will change its name to Virgin Money UK after clearing another hurdle in the acquisition process.

CYBG – which includes Yorkshire Bank and Clydesdale Bank – says the switch will be effective from the end of October.

The rebranding of Yorkshire and Clydesdale sites to Virgin Money – which runs major office operations in Gosforth – will start in early 2020, with bosses confirming the existing B digital banking service will be rebranded to Virgin Money by the end of this year.

Officials added an enhanced personal current account relationship proposition will be introduced in 2020, with Virgin Money for Business launched with an improved customer offering.

The plans were confirmed after a court approved a banking business transfer scheme under Part VII of the Financial Services and Markets Act 2000, which enabled the business of Virgin Money plc to be transferred to Clydesdale Bank plc.

A spokesperson said: “This is a significant milestone for the group as it means we can now begin the integration of our customer propositions, which will enable us to offer the full range of products and services from across the combined business.

“It also enables us to proceed with the platform integration activities that support the delivery of our targeted cost savings and to commence the full rebrand of the group, including a re-launch of the Virgin Money brand in the coming months.

“The transition to the new Virgin Money is now gathering momentum.”

Virgin Money previously paid the Government £747 million for the so-called ‘good bank’ element of Northern Rock in 2011.