22 Jun 2018
CYGB this week confirmed that it had acquired Virgin Money in a £1.7 billion takeover, forming a new group which be the UK’s sixth-largest bank, with six million personal and small business customers.
The new group will have its headquarters in Glasgow, and will be headed up by CYGB chief executive David Duffy, with Virgin Money’s counterpart, Jayne-Anne Gadhia, to serve in a consultancy role as a senior advisor.
Ms Gadhia commented, “The combination of Virgin Money with CYGB will have greater scale to challenge the big banks.
“It will also accelerate the delivery of our strategic objectives, particularly the expansion of the products we offer to customers.”
“This is a compelling deal for our shareholders, that accelerates value delivery and represents the beginning of the next chapter of the Virgin Money story,”
CYGB is an independent banking group comprised of Clydesdale Bank, Yorkshire Bank and app-based bank B. Clydesdale Bank was established in Glasgow in 1838, and is one of the only banks worldwide which issues its own banknotes, while its sister brand Yorkshire Bank was founded in Halifax in 1859. In total, the two make up over 160 of the UK’s high street bank branches.
CYBG chairman Jim Pettigrew said, “I am delighted we are announcing the combination of the CYGB and Virgin money businesses.
“It is clear to us that the combined group can transform the UK banking landscape and offer real benefits to customers and communities throughout the UK.
“Since our IPO in 2016, the CYGB board and leadership team has established CYGB as a strong and sustainable business, with a track record of delivery and the credentials to deliver a transformational combination with Virgin Money.
“Our recommendation offer can deliver real value for all shareholders and create powerful force in UK banking.”