CYBG PLC has made an approach to Virgin Money regarding a potential all-share combination of the companies.
Under the proposal, Virgin Money shareholders would own approximately 36.5% of the combined group.
CYBG said that the Virgin Money brand would play a significant role in the combined group, subject to reaching an agreement with Virgin Group Holdings Limited.
The combined group would have six million personal and business customers, and provide digital and mobile banking services.
The banking group also claimed that the proposed combination would create the â€œUK's leading challenger bank'.
However, CYBG added that there was no certainty that a formal offer would be made.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
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...
Starling announces partnership with the Post Office
Starling Bank has announced that it has partnered with the Post Office as it looks to offer every day banking services to its customers...
Close Brothers appoints new NED
Close Brothers Group PLC has named Peter Duffy as an independent non-executive director...
What’s missing from the specialist banking market?
Two months ago, Specialist Banking published a feature looking at whether there was room for more banks in the sector...
TransferWise secures £65m syndicated debt facility
TransferWise has completed a £65m syndicated debt facility with NatWest, JP Morgan and LHV Bank...
EedenBull AS names non-executive chairman
New fintech company EedenBull AS has appointed Jeremy Nicholds as its non-executive chairman of the board...