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.
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