Clydesdale banks on Branson brand appeal in Virgin Money merger

Mid-sized British bank CYBG has agreed a £1.7 billion all-share deal to acquire Virgin Money after over a month of talks.

The takeover, confirmed by the banks this morning, will create the UK's sixth largest bank with assets of more than £70billion and more than six million customers.

It would also see the group come under the Virgin Money name, the announcement said.

CYBG said: 'As a result of the significant operational overlap between CYBG and Virgin Money, the combined group will be able to reduce the duplication of roles'.

Meghan's wedding reception dress for sale
She also gave a nod to Meghan's signature hairstyle: a messy up do with strands escaping around the front section. Queen and Meghan were all smiling as they both were chatting with each other during the whole event.

"We. look forward to helping the combined business rebrand to Virgin Money", he said, welcoming Duffy and CYBG employees to the group.

Under the terms of CYBG's revised proposal, Virgin Money shareholders would own about 38 per cent of the combined group compared with the original 36.5 per cent offer.

CYBG said the combined group would have about 9,500 employees, but it meant to reduce that total by about one-sixth, suggesting about 1,500 jobs would go.

Virgin Money, which was founded in 1995, expanded its business in 2011 when it bought the remnants of Northern Rock for about £747m.

2 feared dead, 41 injured after magnitude 6.1 earthquake strikes Osaka
Kansai Electric Power said no irregularities had been detected at the Mihama, Takahama and Ohi nuclear plants after the quake. The tremor caused a blackout for thousands of houses and suspended train operations during the morning commuting hours.

David Duffy, the former CEO of AIB, said the deal will create a lender with the capabilities needed to take on large incumbents.

CYBG Chairman Jim Pettigrew, Chief Executive Officer David Duffy and CFO Ian Smith will retain their current positions in the new group, according to the statement.

The deal brings together the UK's two largest challenger banks, creating the first true national competitor to the big five.

He added that "technology and agility" were the factors that would decide the future of banking.

Strong deadly natural disaster rattles Japan
The Japan Meteorological Agency said a quake with preliminary magnitude of 5.9 struck Monday around 8am. Kansai Electric said on its website that around 170,000 homes in the Osaka region were without power.

"We can be agile enough to deliver a much better deal for the customer". Jayne-Anne Gadhia, CEO of Virgin Money, will stay on as an adviser for an unspecified time.

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