You are here: Home - Saving & Banking - News -

Clydesdale Group takeover of Virgin Money gets green light

0
Written by: Lana Clements
04/10/2018
Clydesdale and Yorkshire Banking Group (CYBG) has had regulatory approval to takeover Virgin Money.

The banks reached a deal in June, which was approved by shareholders in September, with the terms now agreed by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Shares to Virgin Money  which scooped five awards at the 21st annual YourMoney.com Awards this summer  – are set to be issued by October 15. This will mean shareholders own approximately 38% of the combined group.

After the merger is complete, CYBG is expected to have just over 5% of the UK mortgage market.

The banks previously said the majority of Virgin Money mortgages will be migrated to CYBG platforms on renewal.

CYBG chief executive David Duffy previously said the merger would mean the bank is better equipped to take on the large market incumbents.

He said: “Together we will serve around six million customers, with the scale, capabilities and financial muscle to disrupt the status quo – and with a clear ambition to provide our customers with the best service in the UK.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Lloyds logo
Lloyds rapped by regulator over serious PPI breaches

The competition regulator has taken action against Lloyds for failing to send obligatory annual reminders to thousands of Payment Protection...

Close