Virgin Money

Virgin Money has posted a loss after tax of £194 million alongside an accommodation of £385m to pay for the PPI scandal. The results, which are Virgin Money's first as a combined business with CYBG, also detailed an underlying profit of £539m down 7% due to higher impairments from

The first tranche of Virgin Money branches will open next month as the company phases out the Glasgow-headquartered Clydesdale Bank brand. CYBG will open its new Virgin money stores in Manchester, Birmingham and London in December.

Virgin Money has been hit with a bill of £450m from PPI mis-selling compensation. The bill is expected to deepen the firm's multi-million-pound losses, which will significantly impact its expansion plans.

Clydesdale Bank owner CYBG has announced that it will close the former Virgin Money HQ in Edinburgh. The closure is part of a restructuring effort which will result in around 330 jobs being lost.

CYBG has reported strong progress in its first six months since its acquisition of Virgin Money last October, with pro forma underlying pre-tax profits up to £286 million. Following the acquisition, CYBG is the UK's sixth largest bank with over six million customers, serving both retail and SM