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Virgin Money and CYBG complete £1.7bn takeover
Virgin Money chief executive Jayne-Anne Gadhia has stepped down to join Clydesdale Bank as senior adviser, following the completion of its £1.7bn takeover.
CYBG had regulatory approval to takeover Virgin Money earlier this month.
For the time being, Virgin Money and Clydesdale Bank will continue to operate as independent brands.
This combined business now has over six million customers with around £70bn of customer loans, and almost £60bn of mortgage lending.
Virgin Money founder, Richard Branson, said that this partnership marks the start of a new chapter aimed at creating the UK’s sixth biggest bank.
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He added: “We have teamed up with CYBG and together we will have the size, scale and opportunity to transform UK banking. As the CYBG retail brand transitions to the Virgin Money brand over the next three years we will be able to offer a much wider range of products, bringing huge benefits for customers and employees alike.”
CYBG CEO, David Duffy, said: “As we enter this exciting new chapter in our history, I want you to know that the newly combined business remains 100% committed to our intermediary partners. In fact, we aim to build an even stronger partnership with you in the years to come.
Jayne-Anne Gadhia (pictured) tweeted: “Delighted to see Virgin Money and CYBG coming together today to create a powerful force in UK banking. I’d like to wish everyone every success in the future. It’s been a blast.”
After her resignation, Jayne-Anne Gadhia posted a note on Twitter to wish her team success in the next stage of the journey: “I love the passion of the people. I love our focus on customers. I love our aim to make everyone better off. I love that we saved Northern Rock. I love the work we do in our communities. I love the buzz and beauty of our Stores and Lounges. But most of all, I love you.”