The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for £1.7bn

According to the BBC, under the deal, all the group's retail customers will be moved to Virgin Money over the next three years.

It will be the UK's sixth-largest bank, with about six million customers, but 1,500 jobs are likely to go.

CYBG said it had agreed with Sir Richard Branson's Virgin Group to license the Virgin Money brand for £12m a year, rising to £15m later.

Virgin Group is Virgin Money's biggest shareholder with a 34.8% stake in the business.

Under the terms of the deal, Virgin Money shareholders will get 1.2125 new CYBG shares for every Virgin Money share they hold, and will end up owning about 38% of the combined business.

Unite national officer Rob MacGregor said: “Thousands of banking employees have heard through the media that their jobs are no longer secure. Unite the union represents staff across both banks and has this morning expressed deep unease about jobs and services across both these financial institutions.

“The purchase of Virgin Money by CYBG will change the face of banking in many high streets across the country. It is vital that the skilled and experienced workforce are given assurances that branches and contact centres will not be closed leaving customers without their much valued access to local banking. Unite is now seeking an urgent meeting with the new combined chief executive David Duffy in order to secure assurances about the employment of the dedicated women and men across the county.”

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