CYBG has started a rebranding exercise to convert all of its branches to the Virgin Money brand, the group has confirmed.
Yorkshire Bank and Clydesdale Bank branches will now start to disappear from the high street amid plans by owners CYBG, which acquired Newcastle’s Virgin Money last year in a £1.7bn deal.
CYBG announced it is now starting the Virgin Money brand relaunch and rebrand of the group, following 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.
The announcement 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 gradual rebrand process will begin with the B digital banking service changing to the refreshed Virgin Money brand by the end of 2019.
In December it will also open its doors to personal and business customers in new ‘megastores’ in Manchester, Birmingham and Kensington under the new Virgin Money brand.
CYBG said the so-called megastores will “reimagine the role of a bank on the high street, offering co-working, advice and mentoring for entrepreneurs and showcasing a ‘life more Virgin’ in partnership with other Virgin companies.â€
The concept will then be rolled out to other flagship locations.
By October 31 the group will also have changed its name from CYBG PLC to Virgin Money º£½ÇÊÓƵ PLC.
CYBG chief executive David Duffy 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.â€
