Shares of Glasgow-based banking group CYBG — owner of Clydesdale Bank and Yorkshire Bank — rose about 4% on Monday as it rebranded as Virgin Money.
The group said it expects to change its name from CYBG plc to Virgin Money UK plc by 31 October 2019.
“CYBG PLC has today announced it is commencing the Virgin Money brand relaunch and rebrand of the group following completion of the legal transfer of Virgin Money plc’s business to Clydesdale Bank PLC … ” said the group.
“This means all customers of Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands are now served from a single authorised and regulated banking entity.
“This important milestone means that the group can now, for the first time, offer all of its customers the full range of products and services from across the group, as well as enabling the Virgin Money brand relaunch and rebrand of the group to begin.
“The gradual rebrand process will begin with the B digital banking service changing to the refreshed Virgin Money brand by the end of 2019, enabling the group to offer customers the first Virgin Money branded, digitally-enabled current account.
“The account is based on the successful B technology platform and will offer money management tools and a competitively priced linked savings product.
“During 2020, an enhanced personal current account relationship proposition will be introduced, a Virgin Money business current account will be launched and the rebranding of Yorkshire Bank and Clydesdale Bank will begin.
“In December we will open our doors to personal and business customers in Manchester, Birmingham and Kensington under the new distinctive Virgin Money brand.
“These megastores will reimagine the role of a bank on the high street, offering co-working, advice and mentoring for entrepreneurs and showcasing a ‘life more Virgin’ in partnership with other Virgin companies.
“The concept will be rolled out to other flagship locations over time.”
CYBG CEO David Duffy 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.”