Yorkshire and Clydesdale Banks are rebranding as Virgin Money - here’s what to do if you are a customer
Clydesdale and Yorkshire Banks, as well as app-based banking service B, are to be rebranded as Virgin Money by the end of 2021.
Yorkshire Bank will start rebranding in 2019, and Cydesdale will follow in the following year, calling time on the centuries-old brand names.
The rebrand of B will also begin later this year, and the first Virgin Money personal account will be launched in 2019.
Virgin money was purchased by CYBG, which owns Clydesdale and Yorkshire Banks, last year for £1.7 billion. They announced the name change upon completing the deal.
What do I do if I am a Yorkshire, Clydesdale of B customer?
Customers of the banks that will be changing to Virgin Money do not need to do anything.
CYBG has said that customers can continue using all their accounts and products exactly as they are doing now. The company has also said that any future changes will be full explained to customers well in advance of them taking place.
David Duffy, CEO of CYBG, said, "The decision to retire brand names with such long and proud histories is not an easy one.
"Marrying the values and expertise of these heritage brands with the Virgin Money brand will allow us to realise efficiencies and grow our business throughout the UK."
Will the changes impact jobs?
CYBG said that a fresh increase in its cost saving targets could trigger further job losses, on top of the 1,500 already set to go as a result of the acquisition of Virgin Money.
The company announced plans to roll out further automation within its branches and operations under plans to increase annual cost savings by another £50 million to £200m by 2022.