Following the completion of the deal between the two companies that was first announced in May, Virgin Money has joined forces with CYBG.
The combination of CYBG with Virgin Money will mean a new national competitor in the banking sector, with the ambition being to deliver the best customer service in the UK.
The new Group is double the size of any other challenger bank and is the only bank outside the traditional ‘big five’ with genuine full-service retail and SME capability. The retail brand for the combined group will transition to the Virgin Money brand over the next three years. It will offer a complementary mix of product expertise, combining CYBG’s strengths in personal and business current accounts and its successful digital platform, shared strengths in mortgages and Virgin Money’s expertise in credit cards and savings.
“The Virgin Group started Virgin Money 23 years ago to shake up the UK’s banking sector. By putting customers and employees first, and working to make a real difference to people’s lives, we quickly became one of the most admired financial services businesses in the UK. Today’s announcement marks the beginning of the next chapter in the Virgin Money story”, commented Josh Bayliss, Virgin Group CEO.
“The combination of Virgin Money and CYBG will offer unrivalled service, an innovative digital platform and outstanding products, bringing huge benefits for customers, employees and communities alike. Together we have the size, scale and financial firepower to change banking for good.”
Current CYBG Chief Executive David Duffy will assume the role of Chief Executive of the combined Group and Ian Smith, current CYBG Chief Financial Officer, will retain the same position. Jayne-Anne Gadhia, former Chief Executive of Virgin Money, has agreed to support the Group as a senior advisor for a period of up to 18 months.
Peter Bole and Hugh Chater from the Virgin Money Executive Team will join the CYBG leadership team, with Peter Bole, formerly CFO of Virgin Money, becoming responsible for leading the delivery of the integration programme across both businesses. Hugh Chater will lead the day to day operations of the Virgin Money business. Amy Stirling, Geeta Gopalan and Darren Pope from the Virgin Money board will also join the combined board.