Yorkshire Bank name to disappear in the next two years after takeover
The Yorkshire Bank brand will disappear from the high street in the next two years and renamed Virgin Money as part of a £1.7 billion takeover.
Yorkshire will join Clydesdale Bank to come under the one name but warned it could lead to potential job cuts as part of a cost-saving exercise.
There are still three branches in the district, including Wakefield, Pontefract and Castleford.
Owner CYBG has already vowed to cut 1,500 jobs nationwide as it looks to save £150 million, and said it will look to save an additional £50 million through automation, but will not rule out further job cuts.
CEO David Duffy said that the banking industry was changing at an “unprecedented rate” and that rapid change was needed.
He said: “Consumers are using new technology in every part of their lives. With amazing customer experiences available in other industries, they are rightly demanding so much more from their banks. We have a clear ambition to disrupt the status quo with the new Virgin Money. The new group combines the Virgin brand with CYBG’s technology, product expertise and know-how. We believe we have the winning formula that will create a new force in consumer and business banking.”
Yorkshire Bank was founded in 1859 and is based in Leeds. It has 90 branches still open, mainly in the north.