City & Finance Reporter for the Daily Mail
The 159-year-old Yorkshire Bank name will fade from the High Street if a merger with Virgin Money goes ahead.
Clydesdale & Yorkshire Banking Group has made a £1.6billion bid for Virgin Money and is in talks with bosses.
The Virgin brand made famous by Sir Richard Branson is key to the deal – with Yorkshire Bank eventually phased out along with 18-year-old Clydesdale in Scotland.
Clydesdale & Yorkshire Banking Group has made a £1.6bn bid for Virgin Money as it plans to phase out its name and that of Clydesdale in Scotland
CYBG is offering Virgin Money shareholders a 38 per cent stake in the combined business worth £1.6billion, which it upped from 36 per cent late on Sunday night.
It would mean Branson, who owns more than a third of Virgin Money stock, would have around 13 per cent of the new bank after the takeover.
He would be in line for millions of pounds of dividends a year.
The lender will also have to pay Branson for using the Virgin name.
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