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(Alliance News) - FTSE 250-listed lender CYBG PLC said Thursday it completed its change of name to Virgin Money UK PLC as it looks to begin its rebranding process.
CYBG - which owns the Clydesdale Bank and Yorkshire Bank brands - bought challenger bank Virgin Money for GBP1.7 billion in October 2018. The firm is now in the process of re-launching the Virgin Money brand and renaming its current businesses to the brand.
Following renaming itself Virgin Money UK PLC on Thursday to reflect this change, the firm expects all its Clydesdale Bank, Yorkshire Bank and B digital banking services to be renamed as Virgin Money during 2020.
"This is another significant milestone in the group's integration programme," Virgin Money UK said in a statement. "The group will update further on the progress made over the past twelve months and the exciting opportunities ahead at our full year results on 28 November 2019."
Shares in Virgin Money UK were down 0.2% at 137.45 pence in London on Thursday.
By Ahren Lester; ahrenlester@alliancenews.com
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