Challenger bank Virgin Money has received a £1.6bn ($2.2bn) takeover bid from The Clydesdale & Yorkshire Bank Group (CYBG).
A combination of Virgin Money and CYBG would lead to a firm with six million personal and business customers and a balance sheet of between £60bn and £70bn.
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Virgin Money would retain its brand, depending on the Virgin Group’s decision.
A statement released by CYBG said: “CYBG recognises the strength and appeal of the Virgin Money brand. Our proposal would ensure that the Virgin Money brand would play a significant role in the combined group, subject to reaching agreement with Virgin Group Holdings Ltd.”
In the year to end March, deposits at Virgin Money grew by 7.4% year-on-year to £31.1bn
On the other hand, CYBG’s first quarter results were more cautious.
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