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Virgin Money rebrand to start across banking group

By Vicky Shaw, PA Personal Finance Correspondent

Virgin Money is kick-starting a rebranding process which will allow all customers in its group to be offered its full range of services.

A legal transfer means that the Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands are now part of a single banking entity.

The group expects to change its name from CYBG PLC to Virgin Money UK PLC by October 31.

The move could help boost Virgin Money’s position as a challenger to bigger banks under the well-known Virgin name. Currently the group is the UK’s sixth biggest bank.

As the rebrand gets under way, a new current account will be launched later this year, with further details being made available nearer the time.

The gradual rebrand process will start with the B digital banking service changing to the revamped Virgin Money brand by the end of 2019.

During 2020, a Virgin Money business current account will be launched and the rebranding of Yorkshire Bank and Clydesdale Bank will start.

David Duffy, chief executive of CYBG, said: “Today is an important milestone in creating the new Virgin Money, a bank that has the clear ambition to disrupt the status quo, and brings the best of both heritage banks together for the benefit of our customers.

“With all of our six million customers under one single banking licence, we can now offer a full suite of products, excellent customer service ethos and technology know-how across the combined business.

“The brand relaunch and full rebrand can now begin: the first digitally enabled Virgin Money personal current account will launch by the end of the year and we will start bringing the new Virgin Money to the high street in December.”