Part VII transfer completed
CYBG PLC
(Company)
LEI: 213800ZK9VGCYYR6O495
21 October 2019
CYBG PLC - Part VII transfer completed
CYBG PLC ("CYBG" or the "Group") is pleased to announce that it has completed the Part VII banking business transfer process. This means that we now serve our customers from a single authorised and regulated banking entity.
On 26 September 2019, at a hearing in the Court of Session in Edinburgh, the Court approved a banking business transfer scheme under Part VII of the Financial Services and Markets Act 2000. The scheme effective date is today, 21 October 2019, and in accordance with the court approval, on this date the business of Virgin Money plc has been transferred to Clydesdale Bank PLC.
This is a significant milestone for the Group as it means that we can now begin the integration of our customer propositions which will enable us to offer the full range of products and services from across the combined business. It also enables us to proceed with the platform integration activities that support the delivery of our targeted cost savings and to commence the full re-brand of the Group, including a re-launch of the Virgin Money brand in the coming months.
In line with the timetable outlined at our Capital Markets Day, the re-branding process will begin with the B digital banking service re-branded to Virgin Money by the end of 2019, enabling us to offer customers a digitally-enabled Virgin Money branded current account and linked savings product for the first time. In 2020 an enhanced personal current account relationship proposition will be introduced, Virgin Money for Business will be launched with an improved customer proposition and the re-branding of Yorkshire Bank and Clydesdale Bank to Virgin Money will also commence.
The Group will also be changing its name from CYBG PLC to Virgin Money UK PLC and this is expected to be effective by 31 October 2019. The Group will issue the relevant market announcements confirming the corporate name change and new stock exchange tickers once they are approved by the London Stock Exchange and Australian Securities Exchange.
The transition to the new Virgin Money is now gathering momentum. The Group will update further on the progress made over the past twelve months and the exciting opportunities ahead at our full year results on 28 November 2019.
For further information, please contact:
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Investors and Analysts |
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Andrew Downey Head of Investor Relations |
+44 20 3216 2694 +44 7823 443 150 |
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andrew.downey@cybg.com |
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Media (UK) |
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Christina Kelly |
+44 7484 905 358 |
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Senior Media Relations Manager |
christina.kelly@cybg.com |
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Simon Hall |
+44 7855 257 081 |
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Media Relations Manager |
simon.hall@virginmoney.com |
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Press Office |
+44 800 066 5998 |
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press.office@cybg.com |
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Powerscourt |
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Victoria Palmer-Moore |
+44 7725 565 545 |
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Andy Smith |
+44 7872 604 889 |
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Media (Australia) |
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Citadel Magnus |
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Peter Brookes |
+61 407 911 389 |
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James Strong |
+61 448 881 174 |
Forward looking statements
The information in this document may include forward looking statements, which are based on assumptions, expectations, valuations, targets, estimates, forecasts and projections about future events. These can be identified by the use of words such as 'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans', 'intends', 'prospects', 'outlooks', 'projects', 'forecasts' 'believes', 'estimates', 'potential', 'possible', and similar words or phrases. These forward looking statements, as well as those included in any other material discussed at any presentation, are subject to risks, uncertainties and assumptions about the Group and its securities, investments, and the environment in which it operates, including, among other things, the development of its business and strategy, any acquisitions, combinations, disposals or other corporate activity undertaken by the Group (including but not limited to the integration of the business of Virgin Money Holdings (UK) plc and its subsidiaries into the Group), trends in its operating industry, changes to customer behaviours and covenant, macroeconomic and/or geopolitical factors, changes to its board and/ or employee composition, exposures to terrorist activity, IT system failures, cyber-crime, fraud and pension scheme liabilities, changes to law and/or the policies and practices of the Bank of England, the FCA and/or other regulatory and governmental bodies, inflation, deflation, interest rates, exchange rates, changes in the liquidity, capital, funding and/or asset position and/or credit ratings of the Group, future capital expenditures and acquisitions, the repercussions of the UK's referendum vote to leave the European Union (EU), the UK's exit from the EU (including any change to the UK's currency), Eurozone instability, and any referendum on Scottish independence.
In light of these risks, uncertainties and assumptions, the events in the forward looking statements may not occur. Forward looking statements involve inherent risks and uncertainties. Other events not taken into account may occur and may significantly affect the analysis of the forward looking statements. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates gives any assurance that any such projections or estimates will be realised or that actual returns or other results will not be materially lower than those set out in this document and/ or discussed at any presentation. All forward looking statements should be viewed as hypothetical. No representation or warranty is made that any forward looking statement will come to pass. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates undertakes any obligation to update or revise any such forward looking statement following the publication of this document nor accepts any responsibility, liability or duty of care whatsoever for (whether in contract, tort or otherwise) or makes any representation or warranty, express or implied, as to the truth, fullness, fairness, merchantability, accuracy, sufficiency or completeness of the information in this document.
The information, statements and opinions contained in this document do not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. The distribution of this document in certain jurisdictions may be restricted by law. Recipients are required by the Group to inform themselves about and to observe any such restrictions. No liability to any person is accepted in relation to the distribution or possession of this document in any jurisdiction. The information, statements and opinions contained in this document and the materials used in and/ or discussed at, any presentation are subject to change.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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