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Clydesdale Bank (Scottish Gaelic: Banca Dhail Chluaidh) [1] is a trading name used by Clydesdale Bank plc for its retail banking operations in Scotland.. In June 2018, it was announced that Clydesdale Bank plc's holding company, CYBG, would acquire Virgin Money for £1.7 billion in an all-stock deal, and that Clydesdale Bank plc's Clydesdale Bank, Yorkshire Bank and B brands would be phased ...
Clydesdale Bank, Yorkshire Bank and B, which exist as trading divisions of Clydesdale Bank plc will begin to use the Virgin Money name in late 2019 with full use planned by early 2021. [19] In preparation for rebranding, the existing Virgin Money plc was merged into the existing Clydesdale Bank plc on 21 October 2019. [20]
In June 2019 CYBG plc, the parent company of Clydesdale Bank plc announced that the B brand was to be phased out and replaced by the Virgin Money brand in December 2019. [4] [5] B closed applications for new current accounts on 4 December 2019 and existing B accounts were re-branded as Virgin Money the following day. [6]
RBS bought out Virgin's stake in the One Account joint venture in 2001. [11] In 2002, Virgin Direct merged with virginmoney.com to form the current company. Virgin Money expanded its operations around the world in the 2000s. The Virgin Group took 100% ownership of Virgin Money in April 2004, buying the remaining 50% stake for £90 million from ...
Nationwide has gained £2.3 billion following its acquisition of Virgin Money, according to the firm’s half-year results. The building society completed its £2.9bn takeover of Virgin Money in ...
On 15 October 2018, CYGB completed the acquisition of the Virgin Money group for £1.7 billion. This was one of the first major deals in the banking sector since the 2008 financial crash. David is CEO of the combined CYBG group, and its subsidiaries, Virgin Money and Clydesdale Bank. [15]
Virgin Money vastly increased its size and customer base in 2012 with the purchase of the so-called 'good bank' portion of the nationalised Northern Rock bank. In 2018, the entire UK operation of Virgin Money was sold to CYBG plc in a £1.7bn all-share deal which made the group the sixth-largest bank in the UK. [2]
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