CYBG scraps partnership with ex-Barclays boss following Virgin Money merger

Written by Oliver Wade

The new owner of Virgin Money has terminated the bank’s partnership with a digital venture launched by former Barclays chief executive Antony Jenkins.

Sky News reported that CYBG, which also owns Clydesdale and Yorkshire Bank, announced to staff last week that it was in talks to exit a contract with 10x Future Technologies to create an online banking platform using the Virgin Money brand.

However, the move is not entirely unexpected as CYBG chief executive David Duffy had hinted since securing a £1.6bn deal to acquire Virgin Money that it was likely to use its own technology platform, iB.

The completion of the acquisition last month has resulted in the merged companies becoming the sixth-largest bank in the UK, with over 6 million customers, £84bn of assets and £70bn of customer loans.

    Share Story:

Specialist FTB and BTL markets
Adam Cadle talks to Vida Homeloans director of sales - mortgages Louisa Sedgwick about the specialist first time buyer and buy to let markets


Subscribe to our newsletter to receive breaking news by email.

MoneyAge welcome
MoneyAge Editor Adam Cadle discusses the brand and what is on offer

World Markets (15 minute+ time delay)