CYBG and Virgin Money confirm £1.7bn takeover deal

Virgin Money has been increasing its market share over the last several years

Virgin Money has agreed to be acquired by its rival Clydesdale and Yorkshire Banking Group in a £1.7bn all-share deal that CYBG says will create "the UK's first true national competitor" to the established banks.

It said the deal will create Britain's sixth-largest bank and will be a new challenger to the country's top four lenders.

"By combining two of the UK's leading challenger banks, we will create a national, full-service bank with the capabilities needed to compete effectively with the large incumbent banks", Duffy said in the statement.

CYBG has reached a takeover deal with Virgin Money that values the bank at £1.7 billion but is likely to lead to more than 1,500 job losses.

FILE PHOTO: A sign hangs outside a Clydesdale Bank in Edinburgh, Scotland, Britain February 3, 2016.

Australia's David Warner to play in Caribbean Premier League Twenty20 cricket tournament
Banned Australian batsman David Warner is to join St Lucia Stars for the 2018 Caribbean Premier League ( CPL ). He's also been a fine leader in the format, having led the Sunrisers Hyderabad to an IPL title in 2016.

At least 3 dead, hundreds injured after 6.1 magnitude natural disaster strikes Japan
Senior government officials are gathering for an emergency meeting at the Prime Minister's office, broadcaster NHK reported. Eiji Shibuya, 52, said the tremor reminded him of the devastating 1995 Kobe quake , which killed almost 6,500 people.

Race 3 collection Day 3: Salman Khan film does roaring 'business'
The film continued its winning streak, and raked in Rs 38.17 crore, taking its total collection so far to Rs 67.31 crore. As compared to the past Salman's film released on Eid, the performance of the film is not as good as Bajrangi Bhaijaan .

CYBG executives told journalists that the cuts are likely to take place over a three-year period, and that the bulk will affect senior management positions as there is "very little in overlap" in customer-facing roles.

"Ultimately, we believe this is a great deal for both sets of shareholders and we expect it should receive their support". Virgin Money's biggest shareholder is Richard Branson's Virgin Group with a holding of nearly 35 per cent.

The new share structure would see Virgin investors own approximately 38% of the combined group, they said. Many analysts have been concerned about the lack of competition in the United Kingdom banking sector. It slightly sweetened its all-stock proposal earlier this month by offering Virgin Money shareholders more of the merged company.

CYBG said it will work "collaboratively" with Virgin Enterprises in regards to the rebranding of CYBG's businesses as well as to the ongoing use of the Virgin Money brand. It would be the main bank for just 2 percent of high street customers compared with around 24 percent for market leader Lloyds Banking Group, according to data from industry body RFi Group.

The group, which will have its headquarters in Glasgow, will see CYBG's Jim Pettigrew continue as chairman alongside finance chief Ian Smith.

Related News:

  • Croatia's Kalinic reportedly thrown out of World Cup squad

    Croatia's Kalinic reportedly thrown out of World Cup squad

    With Kalinic now believed to be gone, it means Croatia will have to continue their tournament with just 22 players. Kalinic has 15 goals in 42 global games, but his involvement has fallen in kind with his form at club level.
    Willian a £60m target for Manchester United?

    Willian a £60m target for Manchester United?

    Newcastle's top summer priority is to bring Kenedy back from Chelsea , either permanently or on another year-long loan. The Chelsea star hasn't featured heavily under Conte and has mostly come off the bench to make an impact for his club.
    Phil Mickelson has moment of madness at US Open

    Phil Mickelson has moment of madness at US Open

    Mickelson jogged after the ball after it curled around the hole, realizing it was about to head down the other side of the green. But he praised the setup earlier this week and said again Saturday that it was tough and "everyone has to play it".
  • Germany: Joachim Low insists Sweden match is must-win after loss

    Germany: Joachim Low insists Sweden match is must-win after loss

    The Germans were being dominated in midfield and every time the ball broke in the centre, the Mexicans swarmed in numbers. Meanwhile, Eric Perez and his girlfriend Manuela Gravosch found themselves cheering for opposite sides during the match.
    From car giants to food firms, US companies compute trade war cost

    From car giants to food firms, US companies compute trade war cost

    The China trade offensive is only one side of Trump's multi-front battle with all major US economic partners. In response the Chinese Commerce Ministry said that it would "fight back vigorously" against the USA plans.
    Google investing $550 million in Chinese ecommerce company

    Google investing $550 million in Chinese ecommerce company

    In China, JD.com competes aggressively with e-commerce leader Alibaba, which runs the popular Taobao and Tmall shopping platforms. Chinese and American companies alike are anxious about growing tensions between the Chinese and American governments over trade.
  • Zach Johnson Angered By 'Pure Carnage' On The US Open Course

    Zach Johnson Angered By 'Pure Carnage' On The US Open Course

    Mickelson was penalized two strokes for hitting a moving ball and made a 10 on the hole, on his way to a third-round 81. The course bordered on unfair during the third round, turning even the best players in the world into 10 handicaps.
    Gunman wounds 2 at Walmart store in Tumwater, fatally shot by bystander

    Gunman wounds 2 at Walmart store in Tumwater, fatally shot by bystander

    Ran out a side emergency exit and attempted to run to my auto in the parking lot but heard 4 more pops in the lot. Some of them directed vehicles away from the parking lot of the store, which was ringed with yellow tape.

    Royal wedding 2018: Meghan's dad regrets not walking her down the aisle

    When asked how he felt about the nuptials, he said: "My daughter has been a princess since the day she was born". He also spoke about the wedding itself, which Thomas watched from a bed and breakfast hotel in Mexico.
  • England expects as dark horses Belgium launch World Cup campaign

    England expects as dark horses Belgium launch World Cup campaign

    Panama coach Hernan Dario Gomez says that his side will relish at the chance to compete at the World Cup . "It's pivotal. Panama earned its first ever World Cup berth and couldn't wait to begin its adventure on soccer's biggest stage.
    Melania Trump ‘hates’ separating migrant kids from parents

    Melania Trump ‘hates’ separating migrant kids from parents

    During one recent six-week period, the government said almost 2,000 minors were separated from their parents or adult guardians. The small shelter along the Texas border to Mexico held 60 beds and a little playground where children could play.
    Argentina vs Iceland : Messi subdued by muscular Icelandic defence

    Argentina vs Iceland : Messi subdued by muscular Icelandic defence

    The Barcelona frontman can't do it by himself - and with such a strong attacking supporting cast, he shouldn't be expected to. Speaking after the match, the 30-year-old, who has never won a Wold Cup, revealed he was bitterly disappointed.


Most liked

Trump directs creation of 'space force' as sixth branch of military
Trump said Monday that "we are going to have the space force " which he deemed a "separate but equal" branch of the military. The White House previous year also opposed the space corps plan and said creating it was "premature at this time".

Georgia woman strangles rabid bobcat while her young granddaughter slept
Phillips told the Athens Banner-Herald newspaper that she did not scream for help until she thought the animal was dead. In this photo, a rescued bobcat waits to be fed at The Wild Animal Sanctuary in Keenesburg, Colorado, Oct. 20, 2011.

Google’s VR180 Creator simplifies VR video editing
Google VR180 Creator offers two features for VR videos; "convert for publishing" and "prepare for publishing". For VR180 to take off, Google needs to discover approaches to get more individuals to shoot VR video.

MERKEL’S MESS: German Government ‘FACING COLLAPSE’ Over Immigration Policy
Seehofer's ultimatum has become one of the biggest challenges to Merkel's authority since she took power almost 13 years ago. He has always been an outspoken critic of her decision, and in recent days the two leaders have been locked in a standoff.

Apple wants to solve problems pinpointing 911 calls for help
Next Generation 911 technology from partner firm RapidSOS will be integrated in iOS 12, however, to make emergency location sharing faster and more precise.

Trump To Meet with House Republicans Tuesday to Sell Immigration Compromise
The plan scuttled a petition by Curbelo that would have forced a series of immigration votes with the support of Democrats. The compromise bill also ends two chain migration categories, shuffles some of the visas to the employment-based category.

Sessions cites Bible to defend separating immigrant families
Critics say family separation would still be possible because another agency could take parents being prosecuted into custody. He told law enforcement officers: "Persons who violate the law of our nation are subject to prosecution".

Federer celebrates No.1 crowning with 98th title at Stuttgart Open
Federer also won their quarterfinal past year at Wimbledon while Raonic took their 2016 semifinal meeting at the All-England Club. Raonic, who has won eight career ATP titles, reached a career-high No. 3 in the world rankings in November 2016.

Democrats, activists rally against Trump's family separation policy
Senator Susan Collins, a Republican from ME , said the administration was sending a message to migrants. Dianne Feinstein (Calif.) to end the family-separation tactics, calling it "too broad".

Incredibles 2 becomes best opening animated film ever
Lewis expanded on this concern in a blog post titled The Real Villain In Incredibles 2 - Strobe Lights (NO SPOILERS ). Previously, the seat was taken by " Finding Dory ", after it earned $135 million in its opening weekend in 2016.

Meghan Markle just wore a Marks & Spencer fascinator and nobody noticed
When asked about details of the Brexit conversation, he said: 'It was just a loose conversation. She recovered quickly as Harry led her and helped her keep her balance.

Trump attacks report on Federal Bureau of Investigation , saying in fact there was 'total bias'
By Trump's own "partisanship equals bias" logic, these people should be helping him rather than investigating him . But he quickly added, "It's also important to note what the Inspector General did not find".

Meghan Markle’s elegant beige dress perfectly complements Queen Elizabeth’s lime green ensemble
According to the latest reports, nearly 30 million people watched the ceremony, which was broadcast on 15 networks in the U.S. To give some context, when his brother Prince William married Kate Middleton , it only drew 23 million viewers.

The queen and Duchess Meghan make 1st joint appearance
It is reported that Markle and Queen's day is created to offer the 36-year-old a master-class on how to conduct royal engagements. Following this, it is considered rude to present the Queen with your back, and most people will walk backwards away from her .

Antoine Griezmann Must Do More, Says France Coach Didier Deschamps
It is a step forward. "We all have to raise our game now and step by step we need to build our confidence and our momentum". It is a lot of pressure especially for the new players. "Our shape and our structure is what is going to win us the game".