Yorkshire Bank brand will begin to vanish from today

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CYBG has today announced it is commencing the Virgin Money brand relaunch and rebrand of the group.

The move follows the completion of the legal transfer of Virgin Money plc’s business to Clydesdale Bank PLC, under Part VII of the Financial Services and Markets Act 2000.

Yorkshire Bank HQ

Yorkshire Bank HQ

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.

The move comes as Yorkshire Bank prepares to leave its current Leeds HQ and move to new, smaller offices.

This milestone means that the rebrand of the group can begin.

The Group will also change its name from CYBG PLC to Virgin Money UK PLC, this is expected to be effective by 31 October 2019.

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.

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.

David Duffy, Chief Executive of CYBG, 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.”