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Tag: CYBG

Virgin Money bought by CYBG for £1.7bn

Virgin Money bought by CYBG for £1.7bn

Business
The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for £1.7bn.Under the deal, all the group's retail customers will be moved to Virgin Money over the next three years.It will be the UK's sixth-largest bank, with about six million customers, but 1,500 jobs are likely to go.CYBG said it had agreed with Sir Richard Branson's Virgin Group to license the Virgin Money brand for £12m a year, rising to £15m later. Virgin Group is Virgin Money's biggest shareholder with a 34.8% stake in the business. Analysis: Kevin Peachey, BBC personal finance reporterNimbleness and the ability to attract customers through new technology have been seen as challenger banks' main attributes. Tha...
CYBG improves bid for Virgin Money

CYBG improves bid for Virgin Money

Business
The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has sweetened its £1.6bn offer to buy Virgin Money.Under the new terms, Virgin Money shareholders would own 38% of the new merged business instead of 36%.CYBG and Virgin Money said the move would create "the UK's first true national banking competitor" as an alternative to the incumbent banks.It would be the UK's fifth largest bank with six million personal and business customers and a balance sheet of £70bn.CYBG has said it will keep the Virgin Money brand, subject to an agreement with Richard Branson's Virgin Group.Virgin Money, which was founded in 1995, expanded its business in 2011 when it bought the remnants of Northern Rock for about £747m. Ke...