(Alliance News) - CYBG PLC said Monday it intends to change its name to Virgin Money UK PLC at the end of October, following the completed transfer of Virgin Money Holdings UK PLC's business into the group.
In October 2018, CYBG - which operates the Clydesdale Bank and Yorkshire Bank brands - acquired Virgin Money for GBP1.70 billion.
The group said money it has transferred the business of Virgin Money into the group, following the completion of a banking business transfer scheme under part seven of the Financial Services & Markets Act 2000.
This will allow CYBG to start its rebranding process, which will include a re-launch of Virgin Money in the coming months.
At the end of 2019, the group will start by rebranding its B digital banking service to Virgin Money, followed by the launch of Virgin Money for Business and the rebranding of Yorkshire Bank and Clydesdale Bank to Virgin Money in 2020.
CYBG said the name change is subject to approval from the London Stock Exchange and Australian Securities Exchange. The group expects the name change to take effect on October 31.
Shares in CYBG were up 2.8% at 136.95 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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CYBG (CYBG)