CYBG to rebrand as Virgin Money
The new combined group will use the name Virgin Money and offer all of its customers the full range of products and services from across the group.
The rebrand follows completion of the legal transfer of Virgin Money plc’s 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.
CYBG took over Virgin Money in a £1.7bn deal last year.
Virgin Money to offer current account
The gradual rebrand process will begin with the B digital banking service changing to the refreshed Virgin Money brand by the end of 2019. This will include the launch of a new Virgin Money digitally-enabled current account.
CYBG says the account is based on the B technology platform and will offer money management tools and linked savings products.
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.
New Virgin Money megastores
The new company will open Virgin Money megastores in Manchester, Birmingham and Kensington. It says these megastores will “reimagine the role of a bank on the high street”, offering co-working, advice and mentoring for entrepreneurs and showcasing a “life more Virgin” in partnership with other Virgin companies. The concept will be rolled out to other flagship locations over time.
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 of 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-focussed rewards programme with unique offers and personalised benefits only available to Virgin Money customers. We will engage with our customers and keep them up-to-date as we transform our business to operate under the iconic Virgin brand.”