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CYBG to cut more costs after Virgin Money takeover

by LLB Reporter June 19, 2019

written by LLB Reporter 19^th Jun 19 9:51 am

Clydesdale and Yorkshire Bank owner CYBG are to start rebranding Virgin Money this year and will be finished by next June.

After the acquisition of Virgin Money last October CYBG has catapulted into sixth place in the lending market and following the deal Virgin Money will now increase by another £50m to £200m.

CYBG chief executive David Duffy said, “Both brands are a by-word for reliability and trust and we understand the emotional attachment customers and local communities have towards them.

“The decision to retire brand names with such long and proud histories is not an easy one.”

He added, “Marrying the values and expertise of these heritage brands with the Virgin Money brand will allow us to realise efficiencies and grow our business throughout the UK.”