CYBG agree Virgin Money £1.7bn takeover

CYBG have reached an agreement with Virgin Money to acquire the business confirming a £1.7 billion deal. The agreement will create the UK’s sixth-largest bank.

Virgin is the largest shareholder in Virgin Money with a stake of ca. 34.8%. The combination of two of the country’s leading challenger banks will create a powerful competitor to the large incumbent banks with more than six million personal and business customers.

Josh Bayliss, Virgin Group CEO, said: “The Virgin Group started Virgin Money 23 years ago to shake up and disrupt the UK’s banking sector by putting our customers and colleagues first and to make a real difference to people’s lives. We believe we have found a strong partner in CYBG to build a bigger business and offer outstanding customer service, an innovative digital platform and a wider range of products for customers, employees and shareholders alike. Ashcombe Advisers has worked with us on our Virgin Money investment for many years. Their expertise has been instrumental in helping us agree on an attractive transaction with CYBG plc.”

CYBG owns Clydesdale and Yorkshire banks.