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What does this mean for me?


We'll be working behind the scenes to make the changeover as smooth and seamless as possible. Your contract / agreement will still be Virgin Money branded and our contact details will stay the same.

You'll see the Clydesdale name at the bottom of things we send, like letters and emails. 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 won't change 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, any contract amendments would be discussed and agreed with you first.


FAQs


Here are some things you may find useful about the transfer

Virgin Money is currently a separate bank from Clydesdale. So we can bring the businesses together as one bank, we're transferring the business of Virgin Money to Clydesdale and as part of that your Virgin Money account(s) will transfer to Clydesdale. We expect the transfer to happen on 21 October 2019.

Clydesdale and Virgin Money are part of the same CYBG group. Clydesdale trades as “Clydesdale Bank”, “Yorkshire Bank” and “B”. 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. CYBG now owns Virgin Money.

Clydesdale has approximately 2.8 million customers across personal and business banking.

No. Following the transfer, 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 will be a trading name of Clydesdale.

This 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.

The transfer won't change 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, any contract amendments would be discussed and agreed with you first.

The UK banking transfer scheme we are proposing to undertake is governed by Part VII of the Financial Services and Markets Act 2000. Under this act, the transfer needs to be approved by the Court.

A hearing is due to take place in the Court of Session in Edinburgh on 26 September 2019, although this date may change. If it does, we'll update the Key Dates page

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.

You can call our dedicated contact centre on 0800 917 5722* or +44 (0)191 279 3465** if calling from outside the UK. We're here from 9am to 7pm, Monday to Friday and 9am to 3pm on Saturday. Or you can write to us at the FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle Upon Tyne NE3 4PL.

If approved by the Court, we expect the transfer from Virgin Money to Clydesdale to happen on 21 October 2019. If this date changes, we'll update the Key Dates page.

Yes. If you think the proposed transfer will impact you in a negative way, you can object prior to or at the court hearing. The court hearing is due to take place in the Court of Session in Edinburgh on 26 September 2019.

Here are the different ways you can object:
  1. Lodge formal written objections ('Answers') directly with the Court of Session at Parliament House, Parliament Square, Edinburgh EH1 1RQ. Answers should be lodged by 16 August 2019. If you wish to lodge Answers, you may want to seek independent legal advice. You'll also need to pay a court fee of £313.
  2. Send informal written objections directly to the Court of Session at Parliament House, Parliament Square, Edinburgh EH1 1RQ. There is no fee for sending in your informal written objections directly to the Court.

    Or if it's easier, you can email us at virginmerging@virginmoney.com, or write to us at FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL with a copy and we'll submit your informal written objections for you. Please do this as soon as possible, but ideally before 13 September 2019. There is no fee for sending in your informal written objections.
  3. Go to the hearing in person. There is no fee for attending the hearing.

If you plan to send informal written objections to the Court, or attend the hearing in person, it would help us if you could let us know as soon as possible, ideally before 13 September 2019. You can email us at virginmerging@virginmoney.com, or write to us at FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

If you object in writing or by email, make sure you include the reasons why you think the transfer will have a negative impact on you.

You won't be able to object after the court hearing on 26 September 2019.

The agreement you have with Virgin Money may state that:

(a) Virgin Money must get your consent before transferring your agreement/ account to another party;

(b) you can end or change your agreement/ account if Virgin Money transfers it to another party; or

(c) you're entitled to a payment if Virgin Money transfers your agreement/ account to another party.

However, the proposed transfer to Clydesdale will be made in line with a banking transfer process governed by Part VII of the Financial Services and Markets Act 2000 and approved by the Court of Session. Under the terms of this process, these types of provisions wouldn't apply.

If you think the proposed transfer will impact you in a negative way, you can object. For more information on how you can do this, please see the previous question.

Key dates and documents relating to the transfer

View copies of the draft 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?

Our dedicated contact centre team are here to help

0800 917 5722* or +44 (0)191 279 3465** if calling from outside the UK.

We're here 9am - 7pm Monday to Friday, and 9am - 3pm on Saturday. We may monitor calls for training and quality purposes, and to make sure we comply with regulations.

You can also email us at virginmerging@virginmoney.com or write to us at FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

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:

  1. Never disclose security details, such as your PIN or full banking password.
  2. Don't assume an email, text or phone call is authentic.
  3. Don't be rushed - a genuine organisation won't mind waiting.
  4. Listen to your instincts - you know if something doesn't feel right.
  5. 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.

Take five to stop fraud

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