Virgin Money joins forces with CYBG, owners of Clydesdale and Yorkshire Bank
Today’s announcement that the combination of Virgin Money and CYBG has become effective creates significant future opportunities for the Virgin Money Foundation as we become linked to a bank of such significant scale and reach.
CYBG is the owner of Clydesdale and Yorkshire Bank, and along with Virgin Money, the combined bank now has over six million customers and total assets of over £80bn – around double the size of any other bank outside the ‘big 5’.
The commitment by the combined bank is clear – CYBG has confirmed their intent to continue providing the Foundation with funding for distribution as well as its own operational budget. As an independent foundation the support of our corporate benefactor is critical in enabling us to make as big a difference as we possibly can to the places that need it most.
With this support in place, the Foundation is setting itself an exciting plan for working with the expanded business to continue to provide funding and non-financial skilled support to charities and social enterprises. In the years ahead we will continue to back the people and groups with the energy, skills and ideas to make big changes happen locally. With regard to operations today, it’s very much ‘business as usual’ and the same team here are looking forward to continuing to work with all our partners.