CYBG acquisition of Virgin Money

That is… limited…

1 Like

Might change when/if that merger gets approval

1 Like

And surprisingly, whilst I can create a ISA online, I need to go to a store to apply for a current account.

It still looks like early days as far Virgin making a difference is concerned.

1 Like

Might change once their merger with CYBG group goes through.

Last I heard all Clydesdale/Yorkshire banks would be rebrand to virgin money

2 Likes

Online to view current account until the Clydesdale and Yorkshire banks move over they will have to have internet banking in full I know all I can do is view account view standing orders set up view direct debits set up can’t service the account must phone up or go in to high street location at minute

The idea is all customers will be virgin money by three years max

Clydesdale will need to build online for virgin money as Clydesdale and Yorkshire will move in stages to virgin money with business customers last

They will need to do it in away it avoids TSB fiasco that just keeps continuing

1 Like

This was going off topic from the original thread so I’ve split it off to this one to allow chat to continue here!

2 Likes

It means a lot when I do top ups as I don’t get chance to do one off bank transfers online

1 Like

It’s gone ahead

https://secure.ybonline.co.uk/personal/landing/?cid=eml_01234_glob

Will be sixth biggest UK bank with 6 million customers.

1 Like

I wonder if a serious current account under the Virgin Money name will be marketed and if so how much of a push to get customer numbers will be?

Virgin Money do already offer current accounts but much of the functionality can only be done in branch. (As it stands even setting up a new payee means visiting a branch.)

Is it just me, or should there be five points here instead of just four :thinking:

Or just a lame slogan?

take-five

Edit: fixed it for them. You’re welcome CYBG.

take-four

4 Likes

They’ll rebadge the B account to the V account.

Seriously.

2 Likes

They are rebranding everything to virgin

1 Like

Why would they continue to pay licensing fee to R.B. in the long term? Does not sound like a sound decision… :roll_eyes:

Because the brand name is stronger than what they currently have

5 Likes

As @glasgow points out, they have a weak brand.

Still, the CYBG-Virgin deal makes sense for the two parties involved. Both needed to do something. CYBG’s two brands, Clydesdale and Yorkshire, do not travel well outside their home turf and the previous plan to create an entirely new digital brand, to be called B, sounded hopeful and expensive. It is safer to rebrand everything as Virgin, even at a cost of £60m.

1 Like

If they are relying on the name solely they won’t go a great length - the market is pretty competitive…

The size of virgins credit card and mortgage books would have also been appealing especially when you combine it with CYBGs existing mortgage book

1 Like

That’s basically Virgin’s business model these days. Apart from the airlines, they basically just re-brand existing companies, sell them on and take a royalty on the brand. Virgin Media is the classic example. They bought NTL and Telewest, called them Virgin, threw in Virgin Mobile, and sold for £10bn to Liberty Global. RB even appears in their adverts, but actually they’re just his customer.

3 Likes