{"id":142606,"date":"2018-06-18T06:49:18","date_gmt":"2018-06-18T06:49:18","guid":{"rendered":"http:\/\/freeonlinetranslators.net\/news\/english\/virgin-money-bought-by-cybg-for-1-7bn\/"},"modified":"2018-06-18T06:49:18","modified_gmt":"2018-06-18T06:49:18","slug":"virgin-money-bought-by-cybg-for-1-7bn","status":"publish","type":"post","link":"https:\/\/freeonlinetranslators.net\/news\/english\/virgin-money-bought-by-cybg-for-1-7bn\/","title":{"rendered":"Virgin Money bought by CYBG for \u00a31.7bn"},"content":{"rendered":"<figure>                                  <img decoding=\"async\" alt=\"Virgin Money sign\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/133A9\/production\/_101216787_virgin_money_newscast.jpg\"\/>Image copyright                  Newscast                                                    <\/figure>\n<p class=\"caps\">The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for \u00a31.7bn.<\/p>\n<p>CYBG said the new firm would be a leading force in banking, &quot;disrupting the status quo and championing customer service excellence&quot;.<\/p>\n<p>It will be the UK&#039;s sixth largest bank, with six million customers.<\/p>\n<p>CYBG said it had entered into an agreement with Sir Richard Branson&#039;s Virgin Group to keep the Virgin Money brand. <\/p>\n<p>Virgin Group is Virgin Money&#039;s biggest shareholder with a 34.8% stake in the business.<\/p>\n<p>Under the terms of the deal, Virgin Money shareholders will get 1.2125 new CYBG shares for every share they hold.<\/p>\n<p>Virgin Money, which was founded in 1995, expanded its business in 2011 when it bought the remnants of Northern Rock for about \u00a3747m.<\/p>\n<h2>Key figures <\/h2>\n<p><strong>CYBG<\/strong><\/p>\n<ul>\n<li>2.8 million customers<\/li>\n<li>169 branches <\/li>\n<li>\u00a32.6bn market capitalisation <\/li>\n<\/ul>\n<p><strong>Virgin Money<\/strong><\/p>\n<ul>\n<li>3.3 million customers <\/li>\n<li>74 branches <\/li>\n<li>\u00a31.5bn market capitalisation <\/li>\n<\/ul>\n<h2>&#039;Competitor of scale&#039;<\/h2>\n<p>CYBG said the takeover would &quot;bring together the complementary strengths of two successful challenger banks to create the UK&#039;s first true national competitor to the large incumbent banks&quot;.<\/p>\n<p>Its chief executive, David Duffy, told the BBC&#039;s Today programme: &quot;We&#039;re going to become a competitor of scale.&quot;<\/p>\n<p>He added that &quot;technology and agility&quot; were the factors that would decide the future of banking. <\/p>\n<p>&quot;I think we have sufficient scale - the brands, the product and the technology,&quot; he said.<\/p>\n<p>&quot;We can be agile enough to deliver a much better deal for the customer.&quot;<\/p>\n<p>Mr Duffy will retain his current position in the combined group, as will CYBG chairman Jim Pettigrew.<\/p>\n<p>Virgin Money chief executive Jayne-Anne Gadhia has agreed in principle to stay on as a consultant for a limited time after the deal goes through.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Newscast The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for \u00a31.7bn. CYBG said the new firm would be a leading force<\/p>\n","protected":false},"author":1,"featured_media":142607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-142606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english"],"_links":{"self":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/142606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/comments?post=142606"}],"version-history":[{"count":0,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/142606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media\/142607"}],"wp:attachment":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media?parent=142606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/categories?post=142606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/tags?post=142606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}