 | |
 The headquarters of Virgin Money in Jubilee House, Newcastle Upon Tyne | |
| Formerly | CYBG plc |
|---|---|
| Company type | Private |
| LSE: VMUK ASX: VUK | |
| Industry | Banking, Financial services |
| Founded |
|
| Founder | Richard Branson (brand) |
| Headquarters |
|
Number of locations | 91 (2021)[2] |
Key people |
|
| Services | Retail banking SME banking |
| Revenue |  £1.827 billion (2023)[3] |
 £345 million (2023)[3] | |
| £246 million (2023)[3] | |
| Total assets | £91.786 billion (2023)[3] |
| Total equity | £5.607 billion (2023)[3] |
Number of employees | 7,166 (2023)[3] |
| Parent | Nationwide Building Society |
| Subsidiaries | Clydesdale Bank plc |
| Website |
|
Virgin Money UK plc (formerly CYBG plc) is a British banking and financial services company. It has been owned by Nationwide Building Society since 1 October 2024.
The Virgin Money brand was founded by Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching a value personal equity plan into the market. In the 2000s Virgin Money expanded its operations around the world. Virgin Money announced plans to become a retail bank, and attempted to purchase Northern Rock in 2007 before it was nationalised by the British Government. Virgin applied for its own banking licence from the Financial Services Authority in 2009, and gained one through the acquisition of Church House Trust the following year. Virgin bought Northern Rock in January 2012 and rebranded the business as Virgin Money.[4]
In June 2018, Virgin Money agreed to a takeover by CYBG plc (formed by National Australia Bank (NAB), out of several of its UK subsidiaries, in February 2016) which was completed in October 2018. Virgin Money was merged into Clydesdale Bank plc on 21 October 2019, continuing as a trading name and operating under Clydesdale Bank plc's banking licence. It was planned that Virgin Money UK would phase out the Clydesdale Bank, Yorkshire Bank and B brands in favour of the Virgin Money brand.[5][6] However, in March 2024, the bank's parent company agreed to be acquired by Nationwide Building Society in a £2.9 billion deal that was completed on 1 October 2024 and will see the Virgin Money brand name being phased out between 2026 and 2028.[7][8]
- ^ "Case Studies Heat Virgin Direct" (PDF). Target Four. Archived from the original (PDF) on 17 April 2012. Retrieved 17 January 2012.
3rd March 1995, in partnership with Norwich Union, Virgin Direct launched with its first product
- ^ "Virgin Money to close 31 stores". Virgin Money UK plc. 30 September 2021. Retrieved 1 October 2021.
- ^ a b c d e f "Annual Report 2023" (PDF). Virgin Money UK. Retrieved 13 February 2024.
- ^ "UK sells Northern Rock to Virgin despite protest". Reuters. 1 January 2012. Archived from the original on 6 January 2016. Retrieved 1 January 2012.
- ^ "CYBG completes €1.9bn takeover of Virgin Money". The Independent. 15 October 2018. Retrieved 15 October 2018.
- ^ "CYBG completes Virgin Money acquisition". CYBG. 15 October 2018.
- ^ "Buying yon bonnie banks". BBC News. 21 March 2024. Retrieved 22 March 2024.
- ^ "Nationwide and Virgin money | Virgin Money UK". uk.virginmoney.com.