Clydesdale Bank has taken another step closer to extinction as a Scottish banking brand as £3 billion of debt securities were moved from Glasgow to Newcastle under the jurisdiction of Virgin Money.
A combined holding of securities worth £2.3 billion of securities on the London Stock Exchange and over £900 million of securities on the Luxembourg and Euronext in Dublin have been changed from CYBG plc to Virgin Money.
Following a board meeting, the issuer of the debt securities announce that its change of name from CYBG to Virgin Money UK PLC was effective as of 30 October 2019 and the registered office of the issuer changed to Jubilee House, Gosforth, Newcastle upon Tyne.
The company said it is ‘pleased’ to announce that its change of name from CYBG PLC to Virgin Money UK PLC was effective on 30 October 2019.
“As a result, the group confirms that as of 31 October 2019 its shares will trade under its new name of Virgin Money UK PLC and its London Stock Exchange symbol will change to VMUK.’’
The group is in the process of registering its change of foreign company name from CYBG PLC to Virgin Money UK PLC with the Australian Securities and Investments Commission (ASIC). The group will make an Australian Securities Exchange (ASX) announcement confirming its change of name, ASX code and new ISIN once the name has been successfully registered with ASIC, which is expected in the next two weeks.
“This is another significant milestone in the group’s integration programme. The group will update further on the progress made over the past twelve months and the exciting opportunities ahead at our full year results on 28 November 2019,’’ said a statement.