Clydesdale/Yorkshire rebranding to Virgin Money

Eco_Miser

Just got the letter, my Virgin Money store is closing on October 5, and moving to the soon to be rebranded Yorkshire Bank nearby, where I also have an account.
I wonder when Clydesdale bank PLC will change its name to Virgin Money PLC and the takeover is complete.

gsmh

I'm not sure it will. Clydesdale Bank issues bank notes in Scotland and thankfully they're keeping The Clydesdale Bank brand for at least this purpose. Can you imagine Virgin Money bank notes featuring a grinning Richard Branson? It seems to me they understand the Virgin Money brand is rather too tacky for such purposes. They could have used their new brand - in Northern Ireland Northern Bank, which also issued bank notes, switched over fully to Danske Bank. Very telling if you ask me.

EssexExile

Richard Branson's picture on banknotes - that would make me go cashless!

wmb194

Eco_Miser said:

Just got the letter, my Virgin Money store is closing on October 5, and moving to the soon to be rebranded Yorkshire Bank nearby, where I also have an account.
I wonder when Clydesdale bank PLC will change its name to Virgin Money PLC and the takeover is complete.

It already has in October 2019 and its LSE code is VMUK:
"Virgin Money UK PLC (formerly CYBG PLC) change of name

         Following a Board Meeting held yesterday, the Issuer of the above debt securities is pleased to announce that its change of name from CYBG PLC to Virgin Money UK PLC was effective 30 October 2019. The registered office of the Issuer will also change to Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL."

https://www.investegate.co.uk/cybg-plc--vmuk-/rns/change-of-name/201910310800016969R/

SebH

gsmh said:

in Northern Ireland Northern Bank, which also issued bank notes, switched over fully to Danske Bank. Very telling if you ask me.

Interestingly, Danske Bank never changed the legal name of the company - it's still Northern Bank Limited. Sometimes you see it, such as with a Confirmation of Payee check with Santander, it says the bank is NBL T/A Danske Bank (or Northern Bank Ltd trading as Danske Bank). I expect we will see Clydesdale branded notes "issued by Virgin Money UK PLC" in the small print.

I think there has also been speculation that the Clydesdale name will survive as a brand for business banking, and possibly Yorkshire bank too?

Eco_Miser

wmb194 said:

Eco_Miser said:

Just got the letter, my Virgin Money store is closing on October 5, and moving to the soon to be rebranded Yorkshire Bank nearby, where I also have an account.
I wonder when Clydesdale bank PLC will change its name to Virgin Money PLC and the takeover is complete.

It already has in October 2019 and its LSE code is VMUK:
"Virgin Money UK PLC (formerly CYBG PLC) change of name

         Following a Board Meeting held yesterday, the Issuer of the above debt securities is pleased to announce that its change of name from CYBG PLC to Virgin Money UK PLC was effective 30 October 2019. The registered office of the Issuer will also change to Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL."

https://www.investegate.co.uk/cybg-plc--vmuk-/rns/change-of-name/201910310800016969R/

No, that's CYBG PLC, now Virgin Money UK PLC. I was talking about its subsidiary with the banking licence, Clydesdale Bank PLC, which also trades as Yorkshire Bank and Virgin Money, as detailed at the foot of every paper communication from them.

[Deleted User]

Eco_Miser said:

wmb194 said:

Eco_Miser said:

Just got the letter, my Virgin Money store is closing on October 5, and moving to the soon to be rebranded Yorkshire Bank nearby, where I also have an account.
I wonder when Clydesdale bank PLC will change its name to Virgin Money PLC and the takeover is complete.

It already has in October 2019 and its LSE code is VMUK:
"Virgin Money UK PLC (formerly CYBG PLC) change of name

         Following a Board Meeting held yesterday, the Issuer of the above debt securities is pleased to announce that its change of name from CYBG PLC to Virgin Money UK PLC was effective 30 October 2019. The registered office of the Issuer will also change to Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL."

https://www.investegate.co.uk/cybg-plc--vmuk-/rns/change-of-name/201910310800016969R/

No, that's CYBG PLC, now Virgin Money UK PLC. I was talking about its subsidiary with the banking licence, Clydesdale Bank PLC, which also trades as Yorkshire Bank and Virgin Money, as detailed at the foot of every paper communication from them.

They could have done a reverse takeover and merged Clydesdale/Yorkshire into Virgin Money if they wanted that.
They would have lost the note issuing rights but much else would be the same.
Joe public doesn't know the difference between a trading name and a real company anyway. 

Eco_Miser

dahj said:

Eco_Miser said:

wmb194 said:

Eco_Miser said:

Just got the letter, my Virgin Money store is closing on October 5, and moving to the soon to be rebranded Yorkshire Bank nearby, where I also have an account.
I wonder when Clydesdale bank PLC will change its name to Virgin Money PLC and the takeover is complete.

It already has in October 2019 and its LSE code is VMUK:
"Virgin Money UK PLC (formerly CYBG PLC) change of name

         Following a Board Meeting held yesterday, the Issuer of the above debt securities is pleased to announce that its change of name from CYBG PLC to Virgin Money UK PLC was effective 30 October 2019. The registered office of the Issuer will also change to Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL."

https://www.investegate.co.uk/cybg-plc--vmuk-/rns/change-of-name/201910310800016969R/

No, that's CYBG PLC, now Virgin Money UK PLC. I was talking about its subsidiary with the banking licence, Clydesdale Bank PLC, which also trades as Yorkshire Bank and Virgin Money, as detailed at the foot of every paper communication from them.

They could have done a reverse takeover and merged Clydesdale/Yorkshire into Virgin Money if they wanted that.
They would have lost the note issuing rights but much else would be the same.
Joe public doesn't know the difference between a trading name and a real company anyway. 

I was under the impression that they, Virgin Money, did do a reverse takeover, and merged into Clydesdale, followed by rebranding everything as Virgin Money (still in progress).

[Deleted User]

Eco_Miser said:

dahj said:

Eco_Miser said:

wmb194 said:

Eco_Miser said:

Just got the letter, my Virgin Money store is closing on October 5, and moving to the soon to be rebranded Yorkshire Bank nearby, where I also have an account.
I wonder when Clydesdale bank PLC will change its name to Virgin Money PLC and the takeover is complete.

It already has in October 2019 and its LSE code is VMUK:
"Virgin Money UK PLC (formerly CYBG PLC) change of name

         Following a Board Meeting held yesterday, the Issuer of the above debt securities is pleased to announce that its change of name from CYBG PLC to Virgin Money UK PLC was effective 30 October 2019. The registered office of the Issuer will also change to Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL."

https://www.investegate.co.uk/cybg-plc--vmuk-/rns/change-of-name/201910310800016969R/

No, that's CYBG PLC, now Virgin Money UK PLC. I was talking about its subsidiary with the banking licence, Clydesdale Bank PLC, which also trades as Yorkshire Bank and Virgin Money, as detailed at the foot of every paper communication from them.

They could have done a reverse takeover and merged Clydesdale/Yorkshire into Virgin Money if they wanted that.
They would have lost the note issuing rights but much else would be the same.
Joe public doesn't know the difference between a trading name and a real company anyway. 

I was under the impression that they, Virgin Money, did do a reverse takeover, and merged into Clydesdale, followed by rebranding everything as Virgin Money (still in progress).

I understood Clydesdale Bank took over VM and transferred the customers to Clydesdale Bank.
They've renamed the holding company CYBG to Virgin Money UK which didn't previously exist.

MDMD

Idahj said:

Eco_Miser said:

dahj said:

Eco_Miser said:

wmb194 said:

Eco_Miser said:

Just got the letter, my Virgin Money store is closing on October 5, and moving to the soon to be rebranded Yorkshire Bank nearby, where I also have an account.
I wonder when Clydesdale bank PLC will change its name to Virgin Money PLC and the takeover is complete.

It already has in October 2019 and its LSE code is VMUK:
"Virgin Money UK PLC (formerly CYBG PLC) change of name

         Following a Board Meeting held yesterday, the Issuer of the above debt securities is pleased to announce that its change of name from CYBG PLC to Virgin Money UK PLC was effective 30 October 2019. The registered office of the Issuer will also change to Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL."

https://www.investegate.co.uk/cybg-plc--vmuk-/rns/change-of-name/201910310800016969R/

No, that's CYBG PLC, now Virgin Money UK PLC. I was talking about its subsidiary with the banking licence, Clydesdale Bank PLC, which also trades as Yorkshire Bank and Virgin Money, as detailed at the foot of every paper communication from them.

They could have done a reverse takeover and merged Clydesdale/Yorkshire into Virgin Money if they wanted that.
They would have lost the note issuing rights but much else would be the same.
Joe public doesn't know the difference between a trading name and a real company anyway. 

I was under the impression that they, Virgin Money, did do a reverse takeover, and merged into Clydesdale, followed by rebranding everything as Virgin Money (still in progress).

I understood Clydesdale Bank took over VM and transferred the customers to Clydesdale Bank.
They've renamed the holding company CYBG to Virgin Money UK which didn't previously exist.

It’s important to distinguish between Virgin Money (the brand), and various legal entities, all with the words Virgin Money In the name.

The Way the transaction worked was:

1. CYBG PLC (A listed company) Owned a subsidiary Called Clydesdale bank plc ( the trading subsidiary) 
2.  Virgin Money Holdings (Uk) Plc ( a listed company) Owned a subsidiary called Virgin Money PLC (the trading sub)
3. CYBG made an offer for the entire issued share Capital of Virgin Money Holdings (Uk) Plc. In exchange for the shares, the former Virgin Money Holdings (Uk) Plc shareholders (including an R Branson) now owned Shares in CYBG, and CYBG owned Virgin Money Holdings (Uk) Plc. In the UK it’s not legally possible for two companies to “merge”, one company has to take over (even if just for £1) another, but sometimes the PR people spin it as if it is a “merger”.
4. CYBG signed an agreement with the Virgin Group to licence the Virgin brand for £15m or so a year.
5. The  business trading as “Virgin money” within Virgin Money PLC was transferred to Clydesdale bank plc, (for £10m). This was things such as customer balances, and staff via TUPE.
6.  As well as a license to trade as Virgin Money, Clydesdale bank Plc also owns the Clydesdale bank and Yorkshire Bank brands, as well as a non trading company called Yorkshire bank PLC.
7. The holding company was renamed from CYBG Plc to Virgin Money UK PLC
8. The company started to rebrand the Clydesdale bank and Yorkshire bank branches to Virgin Money.

So, at the end the structure is Virgin Money UK PLC > Virgin Money Holdings (Uk) Plc > Virgin Money PLC.  

None of these companies trade as Virgin Money. Instead, Virgin Money UK PLC has a separate sub called Clydesdale Bank, which trades as Virgin money and (at the moment) Clydesdale Bank and Yorkshire bank.

[Deleted User]

MDMD said:

Idahj said:

Eco_Miser said:

dahj said:

Eco_Miser said:

wmb194 said:

Eco_Miser said:

Just got the letter, my Virgin Money store is closing on October 5, and moving to the soon to be rebranded Yorkshire Bank nearby, where I also have an account.
I wonder when Clydesdale bank PLC will change its name to Virgin Money PLC and the takeover is complete.

It already has in October 2019 and its LSE code is VMUK:
"Virgin Money UK PLC (formerly CYBG PLC) change of name

         Following a Board Meeting held yesterday, the Issuer of the above debt securities is pleased to announce that its change of name from CYBG PLC to Virgin Money UK PLC was effective 30 October 2019. The registered office of the Issuer will also change to Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL."

https://www.investegate.co.uk/cybg-plc--vmuk-/rns/change-of-name/201910310800016969R/

No, that's CYBG PLC, now Virgin Money UK PLC. I was talking about its subsidiary with the banking licence, Clydesdale Bank PLC, which also trades as Yorkshire Bank and Virgin Money, as detailed at the foot of every paper communication from them.

They could have done a reverse takeover and merged Clydesdale/Yorkshire into Virgin Money if they wanted that.
They would have lost the note issuing rights but much else would be the same.
Joe public doesn't know the difference between a trading name and a real company anyway. 

I was under the impression that they, Virgin Money, did do a reverse takeover, and merged into Clydesdale, followed by rebranding everything as Virgin Money (still in progress).

I understood Clydesdale Bank took over VM and transferred the customers to Clydesdale Bank.
They've renamed the holding company CYBG to Virgin Money UK which didn't previously exist.

It’s important to distinguish between Virgin Money (the brand), and various legal entities, all with the words Virgin Money In the name.

The Way the transaction worked was:

1. CYBG PLC (A listed company) Owned a subsidiary Called Clydesdale bank plc ( the trading subsidiary) 
2.  Virgin Money Holdings (Uk) Plc ( a listed company) Owned a subsidiary called Virgin Money PLC (the trading sub)
3. CYBG made an offer for the entire issued share Capital of Virgin Money Holdings (Uk) Plc. In exchange for the shares, the former Virgin Money Holdings (Uk) Plc shareholders (including an R Branson) now owned Shares in CYBG, and CYBG owned Virgin Money Holdings (Uk) Plc. In the UK it’s not legally possible for two companies to “merge”, one company has to take over (even if just for £1) another, but sometimes the PR people spin it as if it is a “merger”.
4. CYBG signed an agreement with the Virgin Group to licence the Virgin brand for £15m or so a year.
5. The  business trading as “Virgin money” within Virgin Money PLC was transferred to Clydesdale bank plc, (for £10m). This was things such as customer balances, and staff via TUPE.
6.  As well as a license to trade as Virgin Money, Clydesdale bank Plc also owns the Clydesdale bank and Yorkshire Bank brands, as well as a non trading company called Yorkshire bank PLC.
7. The holding company was renamed from CYBG Plc to Virgin Money UK PLC
8. The company started to rebrand the Clydesdale bank and Yorkshire bank branches to Virgin Money.

So, at the end the structure is Virgin Money UK PLC > Virgin Money Holdings (Uk) Plc > Virgin Money PLC.  

None of these companies trade as Virgin Money. Instead, Virgin Money UK PLC has a separate sub called Clydesdale Bank, which trades as Virgin money and (at the moment) Clydesdale Bank and Yorkshire bank.

I think the main issue was if VM took over Clydesdale or vice-versa.
You explanation is a detailed explanation that Clydesdale Bank did take over VM.