CYBG kicks off long-awaited Virgin Money rebrand
Clydesdale and Yorkshire Banking Group (CYBG) has announced that it will be rebranding as Virgin Money after its $1.7 billion takeover of the financial wing of Sir Richard Branson’s venture capital group was given the nod last year.
The CYBG brand will be gone by 2021
Customers of Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands will now be served from a single authorised and regulated banking entity under the Virgin Money brand name.
While the companies official trading name will switch from CYBG to Virgin Money by 31 October 2019, the rebrand of its banking services will take slightly longer.
The process will begin with digital banking service B, which will switch names by the end of 2019. The group will then offer a “digital-enabled current account” under the new brand, based on the B technology platform.
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During 2020, an “enhanced personal current account relationship proposition” will be introduced, and a Virgin Money business current account will be launched, and the rebranding of Yorkshire Bank and Clydesdale Bank will begin.
The group aims to have completed the brand switch by December 2020 and will open a set of “megastore” branches in Manchester, Birmingham and Kensington.
“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,” says David Duffy, chief executive of CYBG.
“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.”
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