Brand relaunch with single banking licence for merged group

CYBG has today said it is beginning the Virgin Money brand relaunch and rebrand of the Group.

This follows completion of the legal transfer of Virgin Money business to Clydesdale Bank PLC, under Part VII of the Financial Services and Markets Act 2000.

This means all customers of Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands are now served from a single authorised and regulated banking entity.

The Virgin Money takeover was first announced last year. As reported by TheBusinessDesk.com last month, the major banking merger involves 330 job cuts and site closures in Leeds, Edinburgh and Norwich.

Rebranding will begin with the B digital banking service changing to the refreshed Virgin Money brand by the end of 2019, enabling the Group to offer customers the first Virgin Money branded, digitally-enabled current account.

The account will offer money management tools and a competitively priced linked savings product. During 2020, an enhanced personal current account relationship proposition will be introduced, a Virgin Money business current account will be launched and the rebranding of Yorkshire Bank and Clydesdale Bank will begin.

The Group will also change its name from CYBG PLC to Virgin Money UK PLC. This is expected to be effective by 31 October 2019.

David Duffy, chief executive of CYBG, said: “Today is an important milestone in creating the new Virgin Money, a bank that has the clear ambition to disrupt the status quo, and brings the best of both heritage banks together for the benefit of our customers.

“With all our six million customers under one single banking licence we can now offer a full suite of products, excellent customer service ethos and technology know-how across the combined business.

“The brand relaunch and full rebrand can now begin: the first digitally enabled Virgin Money personal current account will launch by the end of the year and we will start bringing the new Virgin Money to the high street in December.

“These will be the first visible steps to creating a new force in consumer and business banking and over time we will evolve our offering to include a Virgin-focused rewards programme with unique offers and personalised benefits only available to Virgin Money customers.”