The boards of CYBG and Virgin Money have announced that the recommended all-share offer for Virgin Money has been passed by their shareholders.
Both banks confirmed that the scheme had received approval by both sets of shareholders following individual court meetings yesterday (10th September).
The offer is still subject to PRA and FCA approval and CYBG confirmed that engagement with the regulators was ongoing.
CYBG and Virgin Money said they both remained confident that completion of the offer would occur in Q4 2018.
"I am delighted with the support from our shareholder base in approving the recommended all-share offer for Virgin Money by CYBG,” said Jayne-Anne Gadhia, CEO at Virgin Money.
“Bringing together the complementary strengths of Virgin Money and CYBG will create the UK's first true national competitor in UK banking, improving competition and choice for all UK consumers, while enabling the Virgin Money franchise to continue to flourish."
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Paragon BTL lending pipeline up 28.9%
Paragon Banking Group PLC has reported a 28.9% increase in its BTL lending pipeline for the year ended 30th September 2018...
George Osborne optimistic that Open Banking will be ‘dramatic’ to industry
George Osborne has claimed that the big banks won’t necessarily look to move more quickly towards Open Banking as it represented a competitive threat to them...
Santander launches 'invisible cinema' experience to help tackle fraud
Santander has launched an ‘invisible cinema’ experience to teach under-25s about the importance of keeping financial information safe...
New CEO joins Buckinghamshire Building Society
Gerard O’Keeffe (pictured above) has started his role as the new CEO at Buckinghamshire Building Society...
STB Commercial Finance expands North West team
Secure Trust Bank (STB) Commercial Finance has appointed John Copping (pictured above) as regional sales director for the North West...
300 companies sign up to Women in Finance Charter
A total of 300 companies have now signed up to HM Treasury’s Women in Finance Charter....
Hanley Economic offers self-build product in Scotland
Hanley Economic Building Society has extended its self-build and residential mortgage offerings into Scotland with immediate effect...
Why it’s important to encourage female entrepreneurs
On Women’s Entrepreneurship Day, we honour women in business, their fearless ambition, their achievements and successes...
TSB names new CEO
The board of TSB Bank PLC – with the support of Sabadell – has announced that Debbie Crosbie (pictured above) will become its new CEO in 2019, subject to regulatory approval...
Tandem opens community beta testing for autosavings
Tandem has invited its existing app users to join its autosavings beta testing community to help test its new proposition...
Secure Trust Bank enters Right to Buy market
Secure Trust Bank Mortgages (STB) has launched into the Right to Buy market with a range of mortgages for tenants looking to purchase their existing home...