CYBG acquires Virgin Money

CYBG acquires Virgin Money

CYBG acquires Virgin Money n a £1.7 billion deal

  • CYBG plc is a holding company that owns Clydesdale Bank, Yorkshire Bank and the app-based bank B in the United Kingdom
  • Virgin Money is a financial services brand used by three independent brand-licensees worldwide
  • UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have given a green light to the merger
  • CYBG has also licensed the Virgin trademark to combine the operations of both banks under this brand using CYBG’s technology
  • The acquisition helps
    • six million customers
    • £83.5 billion assets (double size of any current UK-based challenger bank)
    • £70 billion of customer loans, including £58 billion mortgages
    • projected £120 million of annual pre-tax cost synergies by 2021.