Yorkshire Bank owner CYBG says Virgin Money brand will create new force in consumer and business banking

CYBG, the owner of Yorkshire Bank, today said its new strategy under the Virgin Money brand creates an opportunity to develop a new force in consumer and business banking.
David Duffy Picture by Simon HulmeDavid Duffy Picture by Simon Hulme
David Duffy Picture by Simon Hulme

In a trading update, CYBG PLC confirmed that trading in the nine months to 30 June 2019 was in line with the board’s expectations and good progress continues to be made with the Virgin Money integration programme.

David Duffy, chief executive of CYBG PLC commented: “The group continues to deliver on its targets with another quarter of resilient performance including disciplined lending and deposit growth in line with our recently announced strategy.

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“Our net interest margin is tracking as expected and we delivered further cost efficiencies in the period – even with the twin pressures of Brexit and the highly competitive mortgage market, we remain on track to deliver full year performance in line with our guidance.

“At our Capital Markets Day in June we set out our plans to disrupt the status quo with new propositions, as well as updated financial, customer service and market share targets. Our ongoing performance and refreshed strategy under the Virgin Money brand underlines the opportunity we have to create a new force in consumer and business banking.”

Yorkshire Bank is to change its name to Virgin Money in late 2019 following parent company CYBG’s £1.7bn takeover of Virgin Money last year.

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