Credit, Collections & Insolvency News
Virgin Money will become CYBG’s sole brand as it lays out plans to disrupt the status quo with new products and an updated financial, customer service the company has said in an announcement
CYBG is setting out its refreshed medium-term strategy at its Capital Markets Day, presenting the first strategic update on the new combined business following last year’s Virgin Money acquisition. Plans include rebranding Clydesdale and Yorkshire Bank and digital brand B over the next two years to Virgin Money, as well as introducing new Virgin Money branded personal and business current accounts.
David Duffy, CEO, said “Banking is changing at an unprecedented rate. Consumers are using new technology in every part of their lives. With amazing customer experiences available in other industries, they are rightly demanding so much more from their banks.”
“We have a clear ambition to disrupt the status quo with the new Virgin Money. The new Group combines the iconic Virgin brand, with its distinctive and brilliant customer experience, with CYBG’s technology, product expertise and know-how. We believe we have the winning formula that will create a new force in consumer and business banking.”
“Our new financial targets will deliver a significantly more efficient and profitable business with strong and sustainable returns for our shareholders. Despite the ongoing Brexit headwinds and continued competitive pressures, the strength of the combination gives us every confidence we will deliver on our targets.”
“Our plan for the new Virgin Money means that for the first time there will be a major disruptor that can serve the whole of the UK, combining the very best technology with a great personal service and an absolute focus on being a customer champion. We’re looking to reinvent the role a bank plays in people’s lives.”
“Clydesdale and Yorkshire Bank have been serving customers in Scotland and the North of England for over 175 years. Both brands are a by-word for reliability and trust and we understand the emotional attachment customers and local communities have towards them.”
“The decision to retire brand names with such long and proud histories is not an easy one. Marrying the values and expertise of these heritage brands with the Virgin Money brand will allow us to realise efficiencies and grow our business throughout the UK.”