Clydesdale and Yorkshire Banking Group (CYBG) has confirmed it will rebrand itself as Virgin Money. It will also operate under a single banking license.
As a result, all customers of Clydesdale Bank, Yorkshire Bank, B, and Virgin Money will be served under one banking identity. All customers will now be offered the full range of products under the group.
In addition, the group will change its name from CYBG PLC to Virgin Money UK PLC. This is expected to be finalised by 31 October 2019.
The first move is the B digital banking brand will be changed to Virgin Money by the end of 2019. It will be the first Virgin Money branded digital banking offering in the market.
Furthermore, the three flagship B branded stores, in Manchester, Birmingham and Kensington, will change in December.
In 2020, the new Virgin Money products will be launched, including an enhanced current account and a Virgin Money business banking account. Afterwards, the rebranding of both Yorkshire Bank and Clydesdale Bank will start.
David Duffy, chief executive of CYBG, said: “Today is an important milestone in creating the new Virgin Money, a bank that has the clear ambition to disrupt the status quo, and brings the best of both heritage banks together for the benefit of our customers. With all of our six million customers under one single banking licence we can now offer a full suite of products, excellent customer service ethos and technology know-how across the combined business.
“The brand relaunch and full rebrand can now begin: the first digitally enabled Virgin Money personal current account will launch by the end of the year and we will start bringing the new Virgin Money to the high street in December. These will be the first visible steps to creating a new force in consumer and business banking and over time we will evolve our offering to include a Virgin-focussed rewards programme with unique offers and personalised benefits only available to Virgin Money customers. We will engage with our customers and keep them up-to-date as we transform our business to operate under the iconic Virgin brand.”
The entire process is expected to be complete by 2021.
CYBG acquired Virgin Money last year. That deal doubled CYBG in size, serving six million customers with total lending of around £70bn.