Virgin Money Takeover Agreed

stclair

Looks as if the Virgin Money take over has been agreed by shareholders.

https://www.telegraph.co.uk/business/2018/09/10/clydesdale-tipped-start-buying-spree-investors-back-17bn-virgin/

deadendwaterfall

Actual brick and mortar branches of Virgin Money seem very rare, I only ever seem to recall seeing on in Hull.

soulsaver

deadendwaterfall wrote: »

Actual brick and mortar branches of Virgin Money seem very rare, I only ever seem to recall seeing on in Hull.

One?

"Virgin Money Stores
We also have 75 Virgin Money Stores, designed to help you make more of your money in a relaxed and welcoming environment."

SnowTiger

deadendwaterfall wrote: »

Actual brick and mortar branches of Virgin Money seem very rare, I only ever seem to recall seeing on in Hull.

They have 75 'stores'. I opened my Virgin Money account in a grotty one in Cardiff. They have since moved to nicer premises.

Isn't this takeover about Clydesdale Bank gaining Virgin Money's customer accounts and licensing the Virgin name?

Will Clydesdale Bank, Yorkshire Bank and B brands disappears? The loss of the first two might not go down well with their customers.

And will a mugshot of Richard Branson appear on bank notes produced by Clydesdale Bank?

deadendwaterfall

soulsaver wrote: »

One?

"Virgin Money Stores
We also have 75 Virgin Money Stores, designed to help you make more of your money in a relaxed and welcoming environment."

I knows there's many more than one, it's just I've noticed they don't seem as common on our high streets as say for example Lloyds, Natwest etc.

Ergates

SnowTiger wrote: »

Will Clydesdale Bank, Yorkshire Bank and B brands disappears?

Basically yes.

System

I think the re-branding is a big mistake. Both the Clydesdale and Yorkshire brands are noble. The Virgin brand smacks of a jack-of-all-trades fly-by-night here-today-gone-tomorrow operation. That's my opinion anyway. I lost interest in Clydesdale after their silly 'B' branding and the loss of any value to their current account. They obviously have a problem with branding.

Anthorn

SnowTiger wrote: »

Will Clydesdale Bank, Yorkshire Bank and B brands disappears? The loss of the first two might not go down well with their customers.

Not (yet) clear. I have both Virgin Money and B / Yorkshire Bank accounts and I have not (yet) received any communication from either of them. Also as I reported in the other thread on this same subject in my home town there is both a Yorkshire Bank branch and a Virgin Money store and which will survive is again not clear. However since CYBG is an established, recognised brand and CYBG paying money for the VM brand which is also a recognised, established brand my money is on keeping both going at least for the foreseeable future.

stclair

Virgin Money was in the process of setting up an app based current account anyway so because cylesdale have the foundations of it already with B it wouldn’t be a big job to transition current Virgin ex Northern Rock customers over.

castle96

Have heard little from YB and CB since they kindly gave me £150 for each of 9 accounts some 2-3 years ago. Each sit with £1 in now

isasmurf

SnowTiger wrote: »

Will Clydesdale Bank, Yorkshire Bank and B brands disappears? The loss of the first two might not go down well with their customers.

The licensing agreement requires that at least 80% of the group's turnover has to be generated under the Virgin brand. Retail operations will be rebranded to Virgin Money, but a decision on whether to rebrand SME business will only be taken after a period testing it with those customers.