CYGB in deal to buy Virgin Money for £1.7 billion

18 Juin, 2018, 15:54 | Auteur: Auguste Feret

The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for £1.7bn.

It will be the UK's sixth largest bank, with six million customers.

The purchase of the Richard Branson-backed bank gives consumer and business lender CYBG greater scale, potential cost savings and access to the firm's presence on the high street.

"The combination of CYBG and Virgin Money will create the first true national competitor to the status quo in United Kingdom banking, offering a genuine alternative for consumers and small businesses", he said in a statement.

CYBG is offering Virgin Money's investors 1.2125 of its shares for each of their shares, meaning they would control 38pc of the combined company should the deal go ahead.

CYBG/Virgin would have around 250 branches, compared with 893 for RBS and 1,795 for Lloyds.

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Branson is expected to rake in royalties of at least £15million a year after the first four years that the combined group operates.

CYBG CEO David Duffy, who will lead the new lender with Virgin Money CEO Jayne-Anne Ghadia acting as a senior advisor for an unspecified period of time, said the deal will create a bank with the capability to take on the largest players.

Virgin Money was founded in 1995 and expanded in 2011 when it bought the remains of Northern Rock for about £747m.

The group, which will be headquartered in Glasgow, will continue to be chaired by CYBG's Jim Pettigrew, alongside finance chief Ian Smith.

"The combination of CYBG and Virgin Money will create the first true national competitor to the status quo in United Kingdom banking, offering a genuine alternative for consumers and small businesses", he said in a statement.

Mr Duffy promised a "much broader" range of financial products would be offered on a national scale, under the "much more powerful" brand of Virgin Money.

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