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Rival bank ups offer for Virgin Money as deal edges closer

The Virgin Money Lounge in Castle Street, Norwich. Picture: Denise Bradley

The Virgin Money Lounge in Castle Street, Norwich. Picture: Denise Bradley

Archant 2012

Virgin Money could be set to be taken over after a rival lender upped its offer for the business.

CYBG, owner of the Clydesdale Bank, Yorkshire Bank and B brands, has made an all-share offer which has a base in Norwich, at around £1.6bn.

The boards of both CYBG and Virgin Money said they believe the proposed deal would create the UK’s “first true national banking competitor”, offering a sound alternative to both SME and personal banking customers.

The sweetened deal came in hours before a deadline on Monday that required CYBG to table a firm offer, but Virgin Money has now extended that deadline to June 18 to allow talks and due diligence processes to continue.

There has been speculation jobs could be at risk at Virgin Money should the deal go through. It employs 200 people at Norwich’s Virgin Money store and lounge in Castle Street and an office in Broadland Business Park.

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