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Challenger banks Virgin Money and Clydesdale Bank-owner CYBG have confirmed they are in £1.6bn merger talks.
In a statement to the London Stock Exchange, Virgin Money said it had received a “preliminary and conditional proposal” from CYBG to buy the entire issued and to be issued share capital of Virgin Money.
“There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. Accordingly, shareholders are advised to take no action in relation to this proposal,” Virgin Money said.
Meanwhile, CYBG said that it “believes the combination would create the UK’s leading challenger bank with a powerful full-service banking offer for 6m personal and business customers”.
CYBG now has until 5pm on 4 June to make a firm offer or withdraw its proposal.