CYBG Plc will be no more.
October 2018 saw the completion of CYBG’s £1.7 billion move for the financial and insurance firm founded by Sir Richard Branson. Now it’s been revealed that the name behind Clydesdale Bank will be taking on the identity of Virgin Money.
Not only will the CYBG holding company be renamed to Virgin Money UK Plc in late 2019 but Clydesdale and Yorkshire Bank as well as digital lender B will also be rebranded to Virgin Money over the next two years. In addition, new Virgin Money-branded personal and business current accounts will be launched.
“We have a clear ambition to disrupt the status quo with the new Virgin Money,” stated chief executive David Duffy. “The new group combines the iconic Virgin brand, with its distinctive and brilliant customer experience, with CYBG’s technology, product expertise, and know-how.
“We believe we have the winning formula that will create a new force in consumer and business banking.”
Meanwhile Duffy noted how the Clydesdale and Yorkshire brands have been serving customers in Scotland and the North of England for more than 175 years.
“The decision to retire brand names with such long and proud histories is not an easy one,” he said. “Marrying the values and expertise of these heritage brands with the Virgin Money brand will allow us to realise efficiencies and grow our business throughout the UK.”
The acquired enterprise offers insurance, mortgages, savings, and credit cards via multi-channel distribution including digital platforms.
