Virgin Money Takeover Agreed

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  • EarthBoy
    EarthBoy Posts: 3,031
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    scgf wrote: »
    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.

    Clydesdale Bank and Yorkshire Bank are long established, well respected banks, but they are purely regional brands. Clydesdale Bank isn't well known outside Scotland, and few people outside the north of England recognise Yorkshire Bank. Virgin is a national brand, and CYBG are aiming for national coverage.
  • There's a Virgin Money near me in West Yorkshire, and obviously a Yorkshire bank too. The Virgin Money branch is small, can see them closing that and keeping the bigger Yorkshire Bank branch open.
  • libra10
    libra10 Posts: 18,633
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    edited 11 September 2018 at 3:41PM
    I have accounts with both Virgin and Yorkshire bank, and the takeover will mean that I have more than the £85,000 which the government covers in its compensation scheme.

    Both are fixed rate accounts, how will the takeover affect customers like me?
  • soulsaver
    soulsaver Posts: 5,872
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    In past instances two licences have been allowed to run for a period until end of the terms affected.

    And in at least one case (IIRC Cheshire BS & Nationwide) FTB holders in both were given dispensation allowing a time limited withdrawal in one account to bring them within the FSCS limits.

    It will all become clear.
  • System
    System Posts: 178,077
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    libra10 wrote: »
    I have accounts with both Virgin and Yorkshire bank, and the takeover will mean that I have more than the £85,000 which the government covers in its compensation scheme.

    Both are fixed rate accounts, how will the takeover affect customers like me?

    Yorkshire doesn't have it's own license - it's just a brand of Clydesdale.
    Clydesdale (not the brand as such) would need to be retained for note issuing rights.
  • libra10
    libra10 Posts: 18,633
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    Thank you for information.
  • stclair
    stclair Posts: 6,844
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    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • isasmurf
    isasmurf Posts: 1,999
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    As of today, Virgin Money is now part of CYBG.
  • EachPenny
    EachPenny Posts: 12,239
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    isasmurf wrote: »
    As of today, Virgin Money is now part of CYBG.
    Just had an email from Virgin confirming this and saying "exciting things" are coming my way, but nothing is changing "for now".

    The one really useful bit of information is this:-
    If you have savings with Clydesdale Bank, Yorkshire Bank or B, and Virgin Money then your Financial Services Compensation Scheme protection level isn’t affected at all by the two businesses coming together. If this changes, we’ll write to let you know.
    "In the future, everyone will be rich for 15 minutes"
  • Steve_xx
    Steve_xx Posts: 6,970
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    EachPenny wrote: »
    Just had an email from Virgin confirming this and saying "exciting things" are coming my way, but nothing is changing "for now".

    The one really useful bit of information is this:-
    I'd be surprised if things stay as they are. There are bound to be some realisation of synergies from this merger.


    I can't see that Yorkshire would retain the Virgin Money Lounges, which is a great pity. The availability of fruit and biscuits has been waning for some time. I hope I'm proved wrong!
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