B (bank)

Last updated

B
Company type Trading name
Industry Banking, Financial services
Founded3 May 2016
Defunct4 December 2019
Headquarters30 St Vincent Place, Glasgow, Scotland, G1 2HL, United Kingdom
Services Retail banking
SME banking
Parent Clydesdale Bank plc
Website youandb.co.uk

B was a banking brand in the United Kingdom which operated between 2016 and 2019 as a trading division of Clydesdale Bank plc. [1] B focused on app-based banking and computer learning of personal finances to help customers manage their money.

Contents

History

B offered an app-based current accounts that is paired with a savings account. [2] B's bank cards use the Mastercard system for both debit and credit cards. [3] B also offered a credit card, with a selling point of consistently low interest rates and no foreign transaction fees.

In June 2019 CYBG plc, the parent company of Clydesdale Bank plc announced that the B brand was to be phased out and replaced by the Virgin Money brand in December 2019. [4] [5]

B closed applications for new current accounts on 4 December 2019 and existing B accounts were re-branded as Virgin Money the following day. [6]

See also

Related Research Articles

<span class="mw-page-title-main">Clydesdale Bank</span> Commercial bank in Scotland

Clydesdale Bank is a trading name used by Clydesdale Bank plc for its retail banking operations in Scotland.

<span class="mw-page-title-main">Yorkshire Bank</span> Retail bank in the United Kingdom

Yorkshire Bank is a trading name used by Clydesdale Bank plc for its retail banking operations in England.

<span class="mw-page-title-main">ICICI Bank</span> Indian private sector bank

ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.

Tesco Personal Finance plc, trading as Tesco Bank, is a British retail bank which was formed in July 1997. The bank was formed as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco, the largest supermarket in the United Kingdom, employing 2,800 people.

<span class="mw-page-title-main">HSBC (United Kingdom)</span> European subsidiary of multinational bank

HSBC UK Bank plc is a British multinational banking and financial services organisation based in Birmingham, England. It is a wholly owned subsidiary of the global HSBC banking and financial group, which has been headquartered in London since 1993. The UK headquarters of HSBC is located at One Centenary Square in Birmingham.

<span class="mw-page-title-main">Clydesdale Bank plc</span> UK commercial bank

Clydesdale Bank plc is a retail and commercial bank in Scotland. It was formed in Glasgow, Scotland in 1838 and now trades as Virgin Money.

<span class="mw-page-title-main">Virgin Money UK</span> UK-based bank and financial services company

Virgin Money is a banking and financial services brand operating in the United Kingdom.

<span class="mw-page-title-main">Santander UK</span> British bank, wholly owned by the Spanish Santander Group

Santander UK plc is a British bank, wholly owned by the Spanish Santander Group. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance.

<span class="mw-page-title-main">Bank and Clients</span> 1978–2021 British private bank

Bank and Clients plc was a British private bank, which was formed by combining: Church House Trust, a retail bank founded in 1978 and Ocean Capital, a specialist corporate lender founded in 2002. B&C was based in London, England.

<span class="mw-page-title-main">Virgin Money</span>

Virgin Money is a financial services brand used by two independent brand-licensees worldwide from the Virgin Group. Virgin Money branded services are currently available in Australia and the United Kingdom. The brand formerly operated in South Africa and the United States.

<span class="mw-page-title-main">Starling Bank</span> Challenger bank in the United Kingdom

Starling Bank is a British bank, occasionally referred to as a digital challenger bank or neobank, providing current and business bank accounts in the United Kingdom. Starling Bank is a licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014. Since its founding, it has received over £500M of funding.

Marks & Spencer Financial Services plc, trading as M&S Bank, is a retail bank operating in the United Kingdom. Founded in 1985 as St Michael Financial Services as the financial services division of Marks & Spencer and adopted its current name in 2012.

<span class="mw-page-title-main">Post Office Money</span>

Post Office Money is a financial services brand operated by Post Office Ltd which provides credit cards, current accounts, insurance products, mortgages and personal loans to customers in the United Kingdom through Post Office branches, the internet and telephone.

Revolut is a global neobank and financial technology company that offers banking services for retail customers and businesses. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers products including banking services, currency exchange, debit and credit cards virtual cards, Apple Pay, interest-bearing "vaults", personal loans and BNPL, stock trading, crypto, commodities, human resources and other services.

Virgin Money UK plc is a holding company that owns Clydesdale Bank plc, which in turn trades as Clydesdale Bank, Yorkshire Bank and Virgin Money in the United Kingdom. It was formed as CYBG plc by National Australia Bank (NAB) in February 2016, in advance of the divestment of its UK business through a stock market flotation. It is listed on the London Stock Exchange and Australian Securities Exchange; it is also a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">Monzo</span> British neobank

Monzo Bank Limited, trading as Monzo, is a British online bank based in London, England. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.

Challenger banks are small, recently created retail banks that compete directly with the longer-established banks in the UK, sometimes by specialising in areas underserved by the "big four" banks. As well as new entrants to the market, some challenger banks were created following divestment from larger banking groups or wind-down of a failed large bank.

James Neilson Pettigrew who is currently the chairman of the AIB Group Plc, RBC Global Asset Management UK Ltd,and Scottish Ballet. Until recently, he was the chairman of Virgin Money & CYBG PLC, the owners of Clydesdale Bank, Yorkshire Bank and the digital app based current account provider, B. CYBG PLC was formed as part of the demerger with National Australia Bank in early 2016. From 2016-2019, he was Chairman of Scottish Financial Enterprise (SFE), the representative body for Scotland's financial services industry, from 2016-2019. He was also co-chair for the Financial Services Advisory Board (FiSAB) with the First Minister, and was on the advisory board of TheCityUK. and chaired Dundee Heritage Trust.

David Joseph Duffy is an Irish banker, and the chief executive officer (CEO) of Virgin Money.

<span class="mw-page-title-main">Bó (bank)</span> 2019–2020 British banking brand

was a banking brand that operated in the United Kingdom between November 2019 and May 2020. Bó operated as a trading division of National Westminster Bank, part of the Royal Bank of Scotland Group, later renamed NatWest Group.

References

  1. "Announcing "B" – the new face of banking – CYBG". www.cybg.com. Retrieved 19 June 2018.
  2. "Designed for Better Banking – B Digital Banking". www.youandb.co.uk. Retrieved 19 June 2018.
  3. "Got a Question? Get in Touch with the Studio B Team". www.youandb.co.uk. Retrieved 19 June 2018.
  4. "Launching the new Virgin Money". CYBG. 19 June 2019.
  5. "Clydesdale and Yorkshire bank's 157 branches to be renamed "Virgin Money UK"". The Mirror. Retrieved 28 September 2019.
  6. @VirginMoney (5 December 2019). "It was an exciting day yesterday as B became Virgin Money! You may have seen that your account is now called Virgin…" (Tweet) via Twitter.