CYBG plc
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Public | |
Traded as |
LSE: CYBG ASX: CYB FTSE 250 component |
Industry | Banking, Financial services |
Founded | 2016 |
Headquarters |
Glasgow, Scotland, UK (Operational headquarters) |
Area served | United Kingdom |
Key people |
Jim Pettigrew, (Chairman) David Duffy (CEO) |
Services |
Retail banking SME banking Private banking |
Revenue |
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Total assets |
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Total equity |
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Number of employees |
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Subsidiaries |
Clydesdale Bank Yorkshire Bank |
Website |
www |
CYBG plc is a holding company that owns Clydesdale Bank, Yorkshire Bank and the app-based bank B in the United Kingdom. It was formed by National Australia Bank (NAB) in February 2016, in advance of the divestment of its UK business through a stock market flotation. It is listed on the London Stock Exchange and Australian Securities Exchange; it is also a constituent of the FTSE 250 Index.
History
National Australia Bank acquired Clydesdale Bank in 1987 and Yorkshire Bank in 1995.[2] Fred Goodwin, an accountant working for Touche Ross, worked on the acquisition of Clydesdale Bank.[2] In 1995 Goodwin, with little direct banking experience, was appointed deputy CEO of the Clydesdale Bank.[2] Clydesdale and Yorkshire began operating under a single banking licence in the UK in 2005: Yorkshire became a division of Clydesdale but retained its own name for trading purposes.[3]
National Australia Bank confirmed in October 2014 that it planned to exit the UK, and was considering a number of options for Yorkshire and Clydesdale Banks, including a possible stock market listing.[4] Clydesdale and Yorkshire were demerged and placed in a separate holding company which was listed on the London Stock Exchange and Australian Securities Exchange for conditional share trading on 3 February 2016. Unconditional trading began on 8 February 2016.[5]
On 7 May 2018 it was reported that CYBG plc had made an all share offer to acquire Virgin Money UK.[6] On 18 June 2018 it was announced that the takeover had been agreed. Arrangements were made for CYBG to license the Virgin Money brand for £12 million a year (later rising to £15 million a year) and to move all its retail customers to the Virgin Money brand over the following three years.[7]
Operations
The operational headquarters of CYBG plc are located in Glasgow and its registered office is in Leeds.[8]
See also
References
- 1 2 3 4 5 6 "Preliminary Results 2017" (PDF). CYBG. Retrieved 8 December 2017.
- 1 2 3 "The sorry history of the near-destruction of investment banking at RBS". UK Business Insider. 6 March 2015. Retrieved 17 April 2017.
- ↑ "Employer profile: Yorkshire and Clydesdale Banks". Employee Benefits. 5 May 2009. Retrieved 17 April 2017.
- ↑ "NAB bank flags Clydesdale and Yorkshire sale in UK exit". BBC News. 30 October 2014. Retrieved 5 November 2014.
- ↑ Taverner, Charlie; Fedor, Lauren (3 February 2016). "Clydesdale Bank share price trades above opening offer as conditional trading starts on IPO after 24-hour delay". City A.M. Retrieved 7 February 2016.
- ↑ Mines, Josh (7 May 2018). "Richard Branson-backed Virgin Money receives takeover bid from Clydesdale and Yorkshire Bank owner CYBG". City AM. Retrieved 8 May 2018.
- ↑ "Virgin Money bought by CYBG for £1.7bn". BBC News. 18 June 2018.
- ↑ "Contact us". CYBG. Retrieved 17 April 2017.