What does this mean for me?
We'll be working behind the scenes to make the changeover as smooth and seamless as possible. You will continue to submit business as you do today and continue to deal with your National Account Manager / Business Delivery Manager.
You'll see the Clydesdale name at the bottom of things we send, like emails and marketing documents. But the Virgin Money logo will still be at the top and you'll be looked after in the same Virgin Money way.
The transfer hasn't changed the way you do business with us, but as we bring the two businesses even closer together, we may need to change some of our arrangements with you. Of course, if a change impacts you, we'll always give you plenty of notice and discuss it with you first.
What does this mean for my client?
We've written to all our existing customers and made them aware of the transfer of Virgin Money to Clydesdale and how this could affect them.
For any new business you are looking to place with Virgin Money we recommend you make your client aware of the Frequently Asked Questions for mortgage customers.
In addition if they hold any account(s) with "Clydesdale Bank", "Yorkshire Bank" or "B" which are all trading names of Clydesdale, there's some specific information they need to be aware of regarding the Financial Services Compensation Scheme (FSCS) and certain rights i.e. "set-off".
Here are some things you may find useful as an intermediary partner using Virgin Money
You're an intermediary partner with Virgin Money, which was a separate bank from Clydesdale, and had its own banking permissions. So that we have one set of permissions we've transferred the business of Virgin Money to Clydesdale to bring the two banks together. This is common when banks merge. It makes good business sense but it also brings benefits to customers.
The newly-combined bank will make the most of the different strengths of Virgin Money and Clydesdale. Our customers and suppliers will benefit from Clydesdale's innovative technology and the customer-focused culture that both businesses have been built on. With everything together under one roof, we'll offer customers and suppliers the best of both worlds and a genuinely competitive alternative to other banks out there.
Clydesdale is part of the Virgin Money group. Clydesdale trades as “Clydesdale Bank”, “Yorkshire Bank”, “B” and now “Virgin Money”. Based in Glasgow, they have over 175 years of history and offer a full range of banking products and services. These include mortgages, current accounts, personal loans, credit cards and business bank lending.
Now that the transfer has happened, Clydesdale has approximately 6.4 million customers across personal and business banking.
No. You'll start to see the Clydesdale name at the bottom of things we send to you such as letters and emails. You'll still see the Virgin Money name and logo in all of our communications with you. The change means Virgin Money is now a trading name of Clydesdale.
The transfer of Virgin Money's business to Clydesdale is part of our three year phased integration programme which began when both banks joined the same group in October 2018.
There are still other exciting steps to come, for example re-branding some Clydesdale products to the Virgin Money brand. If there are changes that impact you, we'll always give you plenty of notice, explain what it means for you and make it as seamless as possible.
The UK banking transfer scheme we undertook was governed by Part VII of the Financial Services and Markets Act 2000. Under this act, the transfer required approval by the Court.
A hearing took place in the Court of Session in Edinburgh on 26 September 2019 at which the Court approved the transfer of the business of Virgin Money to Clydesdale. The transfer then happened on 21 October 2019.
Of course. You can view a copy of the scheme document, together with a summary of the scheme on the documents page. If you'd rather be sent a free copy of the scheme document or summary, no problem – please just let us know by speaking to your Business Development Manager (BDM). You can find their contact details by using our BDM finder.
The Court of Session approved the transfer on 26 September 2019, and the transfer happened on 21 October 2019.
There will be no changes to the current relationships as a result of the transfer of Virgin Money's business to Clydesdale. We will look to optimise our intermediary relationships, given the importance of intermediaries to our mortgage business, and all intermediaries will continue to have a named contact.
The terms of our Offers of Loan won't change and we won't be issuing new paperwork. It just means that wherever Virgin Money is mentioned as the lender, this will mean Clydesdale.
If the mortgage completed before 21 October 2019, it completed as an Offer of Loan made by Virgin Money and became an Offer of Loan with Clydesdale from that date.
If the mortgage completes or is completed after 21 October 2019, it will complete as an Offer of Loan made by Clydesdale.
You don't need to do anything. We won't be sending any new documents to you, your client or their solicitors. There won't be any changes to the terms of our Offer of Loan either. The Court Order that approved the transfer makes it legally binding on Clydesdale.
You should continue to submit business in the same way as you did before the transfer. Should this change we will be in touch.
There are no changes as a result of the transfer, but as we bring the two businesses even closer together, we may need to make changes to some of our arrangements with you. If we do, we'll always give you plenty of notice and explain what it means for you.
No. We don't have any immediate plans to change any procuration fee arrangements or how we work with intermediaries. If we do, we'll always give you plenty of notice, explain what it means for you and make it as seamless as possible.
No. There are no plans to remove the Virgin Group deals and discounts. For the latest offers, visit intermediaries offers.
No. There are no changes as a result of the transfer, but as we bring the two businesses even closer together, we may need to make some changes to our processes, IT systems or terms. This will happen gradually, but if we make a change that impacts you, we'll always give you plenty of notice, and explain what it means for you.
No. There are no immediate changes. If we make a change that impacts you, we'll always give you plenty of notice and explain what it means to you.
No. There's nothing you need to do. You can carry on doing business with us as you did before the transfer. If we do change things, we'll let you know first.
Key dates and documents relating to the transfer
View copies of the legal documents detailing the terms of the transfer (the scheme), a summary of that scheme and some key dates.View key dates and documents
Want to contact us?
If you would like to speak to us please contact your Business Development Manager (BDM)
Use our BDM Finder to find their contact details
Stay safe and secure
It's important to keep an eye out for fraud and scams, especially during times of change. To keep yourself safe, please follow these five rules:
- Never disclose security details, such as your PIN or full banking password.
- Don't assume an email, text or phone call is authentic.
- Don't be rushed - a genuine organisation won't mind waiting.
- Listen to your instincts - you know if something doesn't feel right.
- Stay in control - don't panic and make a decision you'll regret.
If you'd like to know more, visit our Staying safe online pages.
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