CYBG has today completed the takeover of Virgin Money bank in a deal worth £1.7bn.
The parent company of Yorkshire Bank and Clydesdale Bank says the deal will lead to the UK’s “first true national banking competitor to the status quo.”
The combined company has over six million customers with around £70bn of customer loans, and almost £60bn of mortgage lending, which it says is double the size of any other challenger bank.
The new combined company will operate under the Virgin Money brand and the Clydesdale and Yorkshire bank brands will be phased out.
In a message to intermediary partners, CYBG chief executive David Duffy said: “Clydesdale Bank and Virgin Money have always shared similar customer focussed values and together our clear ambition is to offer the very best customer service in UK banking. I am hugely positive about what we can achieve with the capabilities, passion and talent we have across the combined business.
“As we enter this exciting new chapter in our history, I want you to know that the newly combined business remains 100 per cent committed to our intermediary partners. In fact, we aim to build an even stronger partnership with you in the years to come.”
The Virgin Money and Clydesdale Bank will continue to operate as independent brands “for the time being”, says Duffy, adding that business will be carried out in the same way as always, with systems, products and policy remaining unchanged.