who owns cybg

[8] The assets of Virgin Money plc were legally merged into Clydesdale Bank plc on 21 October 2019. National Australia Bank acquired Clydesdale Bank in 1987 and Yorkshire Bank in 1995. Bringing together the combined history and expertise of Clydesdale Bank, Yorkshire Bank and Virgin Money to create the UK’s 6th largest bank. Don't bank on it: Why we fail to switch our accounts, How everyday life has changed in Wuhan. [7] The acquisition of Virgin Money plc was completed on 15 October 2018. Instead, we've concentrated on the UK's biggest brands. The Virgin Money brand was founded by Richard Branson in March 1995. CYBG, which also owns Yorkshire Bank and completed its acquisition of Virgin Money last October, highlighted the “twin pressures of Brexit and the highly competitive mortgage market”. The combined group currently has about 9,500 staff. Clydesdale Bank is a trading name used by Clydesdale Bank plc for its retail banking operations in Scotland.. Kevin Peachey, BBC personal finance reporter. The Unite union expressed "deep unease" at the prospect of the takeover, adding it was "vital that the skilled and experienced workforce are given assurances that branches and contact centres will not be closed". CYBG plc is a holding company that owns Clydesdale Bank, Yorkshire Bank and the app-based bank B in the United Kingdom Salary Finance’s platform connects to the payroll of participating employers to offer salary-deducted savings, loans and pay advances, as well as financial education [3], National Australia Bank confirmed in October 2014 that it planned to exit the UK, and was considering a number of options for Yorkshire Bank and Clydesdale Bank, including a possible stock market listing. That is why the Open Banking scheme - opening traditional accounts to specialist services from smaller players - appeared to be a potential game changer for fintechs and banking upstarts. Following the acquisition of Virgin Money Holdings (UK) plc in 2018, CYBG PLC changed its name to Virgin Money UK PLC and as a result, CYBG Securities now trade on the Australian Securities Exchange (ASX) as VUK CDIs and on the London Stock Exchange (LSE) as VMUK Shares. [9], The group's name was changed from CYBG plc to Virgin Money UK plc on 31 October 2019. Nimbleness and the ability to attract customers through new technology have been seen as challenger banks' main attributes. [10][11], CEO David Duffy's pay rose by 84% from £1.8m in 2018 to £3.4m in 2019. Arrangements were made for CYBG to license the Virgin Money brand for £12 million a year (later rising to £15 million a year) and to move all its retail customers to the Virgin Money brand over the following three years. Its chief executive, David Duffy, told the BBC Radio 4's Today programme: "We're going to become a competitor of scale.". More information About us. Virgin Group is Virgin Money's biggest shareholder with a 34.8% stake in the business. The newly enlarged bank will be headquartered in Glasgow. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Don't bank on it: Why we fail to switch our accounts, Customer choice under threat at Britain's banks, Virgin Money receives takeover offer from CYBG, US records highest daily death toll of pandemic. It was acquired by National Australia Bank (NAB) in 1990 and was merged into another NAB subsidiary, Clydesdale Bank in 2005, continuing to operate as distinct trading division. .css-yidnqd-InlineLink:link{color:#3F3F42;}.css-yidnqd-InlineLink:visited{color:#696969;}.css-yidnqd-InlineLink:link,.css-yidnqd-InlineLink:visited{font-weight:bolder;border-bottom:1px solid #BABABA;-webkit-text-decoration:none;text-decoration:none;}.css-yidnqd-InlineLink:link:hover,.css-yidnqd-InlineLink:visited:hover,.css-yidnqd-InlineLink:link:focus,.css-yidnqd-InlineLink:visited:focus{border-bottom-color:currentcolor;border-bottom-width:2px;color:#B80000;}@supports (text-underline-offset:0.25em){.css-yidnqd-InlineLink:link,.css-yidnqd-InlineLink:visited{border-bottom:none;-webkit-text-decoration:underline #BABABA;text-decoration:underline #BABABA;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none;text-underline-offset:0.25em;}.css-yidnqd-InlineLink:link:hover,.css-yidnqd-InlineLink:visited:hover,.css-yidnqd-InlineLink:link:focus,.css-yidnqd-InlineLink:visited:focus{-webkit-text-decoration-color:currentcolor;text-decoration-color:currentcolor;-webkit-text-decoration-thickness:2px;text-decoration-thickness:2px;color:#B80000;}}Don't bank on it: why we fail to switch our accounts. CYBG said the takeover would "bring together the complementary strengths of two successful challenger banks to create the UK's first true national competitor to the large incumbent banks". Virgin Money UK plc is a holding company that owns Clydesdale Bank plc, which in turn trades as Clydesdale Bank, Yorkshire Bank and Virgin Money in the United Kingdom. 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