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

CYBG to rebrand as Virgin Money

Written by: Emma Lunn
Clydesdale Bank, Yorkshire Bank, B and Virgin Money customers are now all part of a single banking entity following CYBG buying Virgin Money last year.

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.”

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.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week