Quick Answer: Is Virgin Taking Over Yorkshire Bank?

Does Virgin Money still exist?

Virgin Money launched a fully functional current in December 2019.

The account uses technology previously used by the “B” account offered by Clydesdale Bank.

All existing “B” accounts were converted to Virgin Money current accounts as part of this process..

Which Virgin Money branches are closing?

The bank is to close Virgin Money branches at Gateshead, South Shields and Giffnock, while Clydesdale will close sites at Crieff, Dingwall, Dumbarton, Dyce, Edinburgh and Wishaw.

Is my money safe with Virgin Money?

Virgin Money and Clydesdale/Yorkshire bank Previously both had a banking licence, meaning you’d be protected up to £85,000 with each bank. Now Clydesdale Bank, Yorkshire Bank and Virgin Money are covered under one banking licence, so you’ll only be protected for up to £85,000 across the group.

Who owns Yorkshire Bank?

Clydesdale BankYorkshire Bank/Parent organizations

Is Virgin Money in administration?

Although Velocity is owned by the Virgin Australia Group, it is a separate company and it is not in administration. Velocity is still operating and you’re still able to earn points. You can also use your Points on flights to some of the most popular redemption destinations. Find out more here.

Who is Virgin bank owned by?

CYBGThe owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for £1.7bn.

Does Richard Branson still own Virgin Money?

Richard Branson, who founded Virgin Money in 1995 and currently owns a 35% share of the bank, will do very well out of the deal. He will own 13.1% of the merged banking group – and the group will pay Virgin Enterprises, Virgin’s global licensing company, up to £15 million per year to use the Virgin Money brand.

Is Clydesdale Bank changing to Virgin Money?

The B rebranding to Virgin Money will complete by next June. This will be rolled out to Yorkshire Bank in 2019 and Clydesdale in 2020, with the entire business rebranded as Virgin Money by the end of 2021. The wider CYBG holding company will change its name to Virgin Money by the end of this year.

Why is Yorkshire Bank now Virgin Money?

Clydesdale and Yorkshire Bank (CYBG) paid £1.7 billion for Virgin Money in 2018 in an effort to get a foothold so it could challenge competitors, with the company now rebranded as Virgin Money.

Is Yorkshire Bank closing down?

The bank is to close 12 Yorkshire Bank branches, six Clydesdale Banks and four Virgin Money locations as part of its restructure. The closures will see around 500 full-time equivalent roles cut across the business, including 215 in-branch positions.

How safe is Virgin Money?

Virgin Money is fully supportive of the ‘Know Fraud, No Fraud’ campaign – eight rules designed to keep you and your account safe and secure. Virgin Money will never: Call or email to ask you for your full PIN number or any online banking passwords. Send someone to your home to collect cash, bank cards or anything else.

Who is the CEO of Virgin Money?

David Joseph DuffyDavid Joseph Duffy (born 1961) is an Irish banker, and the chief executive officer (CEO) of Virgin Money.

When did Virgin Money take over Yorkshire Bank?

I have deposits in Virgin Money, Clydesdale Bank and/or Yorkshire Bank branded accounts which, when the transfer happened on 21 October 2019, were greater than the FSCS limit of £85,000.

Has Clydesdale Bank bought Virgin Money?

Clydesdale and Yorkshire Bank agreed a £1.7 billion deal in June last year to take over Virgin Money, with the aim of creating a brand with six million personal and business customers capable of taking on the UK’s biggest lenders.