CYBG Plc Completes The Part VII Banking Business Transfer Process

  • Oct 21, 2019 BST
  • Team Kalkine
  • CYBG Plc (CYBG) has completed the Part VII banking business transfer process, making it able to serve its customers from a single authorised and regulated banking entity.
  • The company had received the approval of the banking business transfer scheme, at a hearing in the Court of Session in Edinburgh on 26 September 2019, under Part VII of the Financial Services and Markets Act 2000.
  • The scheme becomes effective on 21 October 2019, and as per the court approval, the business of Virgin Money plc has been transferred to Clydesdale Bank PLC.
  • On 21st October 2019, at the time of writing, GMT 11:42 AM, CYBG shares were trading at GBX 137.75, up by 4.55 points or 3.42 per cent against the previous day closing price.

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