What does this mean for me?
One or more contractual arrangements you have with Virgin Money are in scope to be transferred to Clydesdale. You do not need to take any action for this transfer to become effective and no new documentation will be required.
If you have any questions about the Transfer or Virgin Money's plans and their impact on you, including details of your contracts with Virgin Money please do not hesitate to contact us at DebtIR@CYBG.com.
Here are some things you may find useful about the transfer
Virgin Money is 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 contractual arrangements with Virgin Money will transfer to Clydesdale. We expect the transfer to happen on 21 October 2019.
Following the acquisition of Virgin Money's parent company by CYBG PLC in 2018, Clydesdale and Virgin Money are both part of the 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.
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 other 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 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.
If approved by the Court, we expect the transfer of your contractual arrangements 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:
- 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.
- 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 email@example.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.
- 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 firstname.lastname@example.org, 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.
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 Treasury Team are here to help
You can email us at DebtIR@CYBG.com
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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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