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Key financial figures for Virgin Money UK PLC 2019

On the 18th of June 2018, the boards of CYBG plc and Virgin Money Holdings (UK) plc (Virgin Money) announced the agreement of terms of acquisition in a bid to close the gap on the "big five" UK banks. As a part of the deal the of the groups retail customers would be moved to Virgin Money.

Key figures

In the year ending September 30, 2019, the combined group had approximately 6.6 million customers and an average of almost nine thousand full-time equivalent employees. There are several key performance indicators (KPIs) that measure and banks profitability, asset quality, capital, funding and liquidity.

Challenger banks

The term 'Challenger Bank' is used as a description of banks and financial services that were created after the Global Financial Crisis and have made significant impact in 'challenging' incumbent large banks or have had a significant impact on the market. KPMG describe four main areas in which challenger banks have appeared in the market in the United Kingdom. These include full-service retail banks such as CYBG/Virgin Money, Metro Bank and the Co-op, Specialist lenders such as OneSavings Bank and Aldermore, retailer banks including Tesco's and Sainsbury's and Digital Banks. As the newest and perhaps the most exciting facet of challenger banks, Digital banks are mobile app-based banks that do not have a physical presence on the high street. Due to their simplicity and ease of use they have attracted significant attention from customers and investors alike.

Key financial figures for Virgin Money UK PLC* in the United Kingdom (UK) in 2018 and 2019*

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Sources

Release date

December 2019

Region

United Kingdom

Survey time period

* September 30, 2018 and September 30, 2019

Supplementary notes

* The source added the following information "Virgin Money UK PLC (‘Virgin Money’ or ‘the Company’), formerly known as CYBG PLC ('CYBG') (the Company was renamed on 30 October 2019), together with its subsidiary undertakings (which together comprise ‘the Group’), operate under the Clydesdale Bank, Yorkshire Bank, and Virgin Money brands."

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