Clydesdale Bank and Yorkshire Bank has reportedly made a £1.6bn offer for UK challenger bank Virgin Money.
This deal would create an institution with more than six million personal and business customers, according to various reports in the media.
Virgin Money is a UK challenger bank which offers customers current accounts, savings, investing, insurance, credit and debit cards, mortgages, pensions and currency exchange. Insurance products for life, pet, travel and home are available through Virgin Money, with policies available for up to 25 years.
The company reportedly spent £38.3m on developing its digital banking services.
Earlier in the year, the bank formed a partnership with Aberdeen Standard Investments to support the launch of a new venture for the provision of asset management services. Virgin Money, which has around 200,000 retail investors and £3.7bn assets under management, launched the venture to support its activity in the space.
Through the partnership, Aberdeen Standard provides fund management services and its digital technology to Virgin Money’s investor base.
Last month, Virgin Money rival Metro Bank revealed its AI-powered money management service, Insights. The new solution will help customers to manage their finances and meet their financial goals, with a launch set for the summer.
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