CYBG is to rebrand its branches and internet operations as Virgin Money as part of what chief executive David Duffy calls “a clear ambition to disrupt the status quo”.
It bought Virgin Money last year in a £1.7 billion all-share deal and will use the brand to spearhead its attack on big rivals such as Barclays and Lloyds.
The Clydesdale, Yorkshire Bank and digital brand B will disappear over the next two years.
Clydesdale has been part of the Scottish banking sector since 1838.
CYBG upped the cost savings target from the Virgin deal by £50 million a year to £200 million by 2022. The shares rose nearly 4% to 193p on the news.
As part of the shake-up, Virgin will launch personal and business current accounts. CYBG also plans to expand in the credit cards market, cutting its reliance on mortgages, which accounts for 84% of the business.
Duffy said: “Banking is changing at an unprecedented rate. Consumers are using new technology in every part of their lives.
“They are rightly demanding so much more from their banks. We have a clear ambition to disrupt the status quo.”
