CYBG

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CYBG plc
Public
Traded asLSECYBG
ASXCYB
FTSE 250 component
IndustryBanking, Financial services
Founded2016; 2 years ago (2016)
HeadquartersGlasgow, Scotland, UK (Operational headquarters)
Leeds, England, UK (Registered Office)
Area served
United Kingdom
Key people
Jim Pettigrew, (Chairman)
David Duffy (CEO)
ServicesRetail banking
SME banking
Private banking
RevenueIncrease £1.036 billion (2017)[1]
Increase £268 million (2017)[1]
Increase £182 million (2017)[1]
Total assetsIncrease £43.231 billion (2017)[1]
Total equityIncrease £3.402 billion (2017)[1]
Number of employees
Decrease 6,818 (2017)[1]
SubsidiariesClydesdale Bank
Yorkshire Bank
Virgin Money UK
Websitewww.cybg.com

CYBG plc is a holding company that owns Clydesdale Bank, Yorkshire Bank, Virgin Money UK and the app-based bank B in the United Kingdom. It was formed by National Australia Bank (NAB) in February 2016, in advance of the divestment of its UK business through a stock market flotation. It is listed on the London Stock Exchange and Australian Securities Exchange; it is also a constituent of the FTSE 250 Index.

History[edit]

National Australia Bank acquired Clydesdale Bank in 1987 and Yorkshire Bank in 1995.[2] Fred Goodwin, an accountant working for Touche Ross, worked on the acquisition of Clydesdale Bank.[2] In 1995 Goodwin, with little direct banking experience, was appointed deputy CEO of the Clydesdale Bank.[2] Clydesdale and Yorkshire began operating under a single banking licence in the UK in 2005: Yorkshire became a division of Clydesdale but retained its own name for trading purposes.[3]

National Australia Bank confirmed in October 2014 that it planned to exit the UK, and was considering a number of options for Yorkshire and Clydesdale Banks, including a possible stock market listing.[4] Clydesdale and Yorkshire were demerged and placed in a separate holding company which was listed on the London Stock Exchange and Australian Securities Exchange for conditional share trading on 3 February 2016. Unconditional trading began on 8 February 2016.[5]

On 7 May 2018 it was reported that CYBG plc had made a £1.7bn all share offer to acquire Virgin Money UK.[6] On 18 June 2018 it was announced that the takeover had been agreed. Arrangements were made for CYBG to license the Virgin Money brand for £12 million a year (later rising to £15 million a year) and to move all its retail customers to the Virgin Money brand over the following three years.[7] The acquisition of Virgin Money UK was completed on 15 October 2018.[8]

Operations[edit]

The operational headquarters of CYBG plc are located in Glasgow and its registered office is in Leeds.[9]

See also[edit]

References[edit]

  1. ^ a b c d e f "Preliminary Results 2017" (PDF). CYBG. Retrieved 8 December 2017.
  2. ^ a b c "The sorry history of the near-destruction of investment banking at RBS". UK Business Insider. 6 March 2015. Retrieved 17 April 2017.
  3. ^ "Employer profile: Yorkshire and Clydesdale Banks". Employee Benefits. 5 May 2009. Retrieved 17 April 2017.
  4. ^ "NAB bank flags Clydesdale and Yorkshire sale in UK exit". BBC News. 30 October 2014. Retrieved 5 November 2014.
  5. ^ Taverner, Charlie; Fedor, Lauren (3 February 2016). "Clydesdale Bank share price trades above opening offer as conditional trading starts on IPO after 24-hour delay". City A.M. Retrieved 7 February 2016.
  6. ^ Mines, Josh (7 May 2018). "Richard Branson-backed Virgin Money receives takeover bid from Clydesdale and Yorkshire Bank owner CYBG". City AM. Retrieved 8 May 2018.
  7. ^ "Virgin Money bought by CYBG for £1.7bn". BBC News. 18 June 2018.
  8. ^ "CYBG completes €1.9bn takeover of Virgin Money". The Independent. 15 October 2018. Retrieved 15 October 2018.
  9. ^ "Contact us". CYBG. Retrieved 17 April 2017.

External links[edit]