Glasgow-based banking group CYBG today said it had reached a “significant milestone” which paves the way for the start of the rebranding of Clydesdale and Yorkshire banks to Virgin Money.
The group, which acquired Virgin Money in a £1.7bn deal last year, has secured court approval under banking regulations for the transfer of operations to take place.
It means customers of Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands are now served from a single regulated banking entity.
CYBG said it was a “significant milestone” which means it can now begin the integration to enable it to offer the full range of products and services from across the combined business.
“It also enables us to proceed with the platform integration activities that support the delivery of our targeted cost savings and to commence the full re-brand of the group, including a re-launch of the Virgin Money brand in the coming months,” it said.