CYBG is to rebrand as Virgin Money at the end of the month, consigning the century-old Clydesdale Banking brand and Yorkshire Bank identity to the history books.
Clydesdale and Yorkshire Bank agreed a £1.7 billion deal in June last year to take over Virgin Money, with the aim of creating a brand with six million personal and business customers capable of taking on the UK's biggest lenders.
With the legal transfer of the business complete, the rebranding exercise will see CYBG's digital banking subsidiary B operating under the Virgin Money title by the end of 2019, enabling the combined group to offer customers the first Virgin Money branded, digitally-enabled current account. The account is based on the B technology platform and will offer money management tools and a competitively priced linked savings product.
During 2020, a Virgin Money business current account will be launched and the high street rebranding of Yorkshire Bank and Clydesdale Bank will begin.
As part of the relaunch, the company will open its first megastores in three different UK cities, offering co-working, advice and mentoring for entrepreneurs and showcasing a ‘life more Virgin’ in partnership with other Virgin companies.
David Duffy, Chief Executive of CYBG, says: “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.
Up to 1500 jobs are at risk as the combined business seeks £120 million of annual pre-tax cost synergies. In September CYBG announced the first wave of job cuts, shedding 300 staff with the forthcoming closure of two Virgin Money centres in Edinburgh and Norwich and Yorkshire Bank's Merrion Way office in Leeds.
Says Duffy: "The consolidation of our operating centres supports our goal to create a more streamlined and efficient business - focusing on two key operational centres in Glasgow and Newcastle, supported by teams based in Leeds, Edinburgh, Chester and London."