Clydesdale and Yorkshire to rebrand following Virgin Money takeover
Clydesdale Bank will undergo a rebrand as it continues its battle to chip away at the Big Four.
The 181-year-old Clydesdale name will be abandoned along with 160-year-old sister brand Yorkshire, with the bank to be known as Virgin Money.
Clydesdale's parent company CYBG announced a £1.7 billion takeover of Virgin Money last year. The deal made CYBG the UK's sixth-largest lender.
But cost-cutting measures introduced as part of the takeover could lead to widespread job losses, with CYBG indicating that its workforce could shrink by as many as 1,500 people.
The company is one of the so-called 'challenger banks' vying for position in a market dominated by the Big Four: Barclays, HSBC, Lloyds, and Royal Bank of Scotland.
The news of the rebrand came as the company announced its strategy for continued growth. Chief executive David Duffy said: "It is a very efficient way of us going from two local, regional brands to a single national brand in an [instant], at a fraction of what it would cost us to build that."
The BBC reports that the popular Clydesdale bank notes will survive the rebrand.
Clydesdale issues its own sterling notes, featuring illustrations of key figures in Scottish history.