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CYBG to rebrand as Virgin Money and launch a new business current account

Theo Osborn | 12:30 Wednesday 19th June 2019

CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products.

It will launch a Virgin Money business current account by summer 2020 and is targeting a market share increase of around 40%.

It will include digital account opening, money management tools, fully automated lending, accountancy and tax management.

Business banking will be available nationally and available in Virgin Money stores for the first time.

The digital services will be backed by expert advice, with over 300 relationship managers in 40 business banking centres to support SMEs.

As of 31st March 2019, CYBG had business lending balances of £7.6bn and deposit balances of £61.7bn.

The bank will also be launching the new Virgin Money personal current account in late 2019.

David Duffy, CEO at CYGB (pictured above), said: “We have a clear ambition to disrupt the status quo with the new Virgin Money.

“The new group combines the iconic Virgin brand, with its distinctive and brilliant customer experience, with CYBG’s technology, product expertise and know-how.

“We believe we have the winning formula that will create a new force in consumer and business banking.”

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