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CYBG said the transfer of Virgin Money to Clydesdale Bank had been approved, paving the way for the company to serve its customers from a single banking entity.
The approval was hailed as a 'significant milestone' for the group, allowing the company to begin the integration of Virgin Money services and commence the full re-brand of the group, including a re-launch of the Virgin Money brand in the coming months, the company said.
The re-branding process would begin with the B digital banking service re-branded to Virgin Money by the end of 2019.
In 2020 an enhanced personal current account relationship proposition would be introduced, Virgin Money for Business would be launched with an improved customer proposition and the re-branding of Yorkshire Bank and Clydesdale Bank to Virgin Money would also commence, the company added.
The company would also be changing its name from CYBG PLC to Virgin Money UK PLC and this was expected to be effective by 31 October 2019.