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CYBG prepares to rebrand as Virgin Money after completing business transfer

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  • 22/10/2019
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CYBG prepares to rebrand as Virgin Money after completing business transfer
Clydesdale and Yorkshire Bank Group (CYBG) Plc has completed the banking transfer of business from Virgin Money and is preparing for its rebrand.

 

The group now serves customers from a single authorised and regulated banking entity.

Last month the lender revealed Fred Sharp, head of mortgage distribution at CYBG was departing with Sarah Green, director of intermediary sales at Virgin Money, taking over the intermediary sales teams.

It has also laid out plans for a two-pronged specialist and mainstream mortgage approach including significant investment in technology for brokers and customers.

 

Rebrand

The group name will change from CYBG plc to Virgin Money UK plc on 31 October 2019 when new stock tickers will be issued on the London and Australian exchanges.

“This is a significant milestone for the group meaning that we can now begin integrating our customer propositions and offering the full range of products and services from across the combined business,” a CYBG statement said.

“It enables us to proceed with platform integration to support delivery of targeted cost savings and to commence a full re-brand of the group, including re-launching the Virgin Money brand in the coming months,” the bank said.

The relaunch is to kick off with rebranding B digital as Virgin Money by the end of 2019.

Next year, Clydesdale Bank will begin its rebrand to Virgin Money and the group will bring out Virgin Money for Business and a new personal current account proposition.

“The transition to the new Virgin Money is now gathering momentum and the group will update further on progress made during the past 12 months with our full-year results on 28 November,” the bank added.

 Clydesdale Bank PLC also took over as issuer and principal obligator of a set of what had been Virgin Money medium term notes and bonds.

The takeover of Virgin Money by CYBG completed a year ago in October 2018.

 

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