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Shareholders approve CYBG’s Virgin Money takeover offer

Tom Belger | 14:22 Tuesday 11th September 2018

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."

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