Legal nod for CYBG rebrand to Sir Richard Branson's Virgin Money

Clydesdale Bank owner CYBG is commencing its transition to Sir Richard Branson's Virgin Money brand, which will see the banking group's centuries-old name disappear from the high street.

CYBG will change its name to Virgin Money from 31 October. Picture: John Devlin
CYBG will change its name to Virgin Money from 31 October. Picture: John Devlin

The Glasgow-headquartered group will relaunch, along with Yorkshire Bank and B, under the Virgin Money name following the completion of a legal transfer which means all business are now part of a single banking entity.

For the first time, the combined group can offer all of its customers the full range of products and services from across the group.

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A gradual rebrand process is now underway, which will begin with digital banking service B transitioning to a "refreshed" Virgin Money brand by the end of 2019, with Clydesdale and Yorkshire set to follow in the coming year.

CYBG completed a £1.7 billion takeover of Virgin Money in October 2018.

The group will also change its name from CYBG plc to Virgin Money UK plc, effective from 31 October.

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CYBG chief David Duffy hailed the news as "an important milestone". He said: “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-focused 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.”