Clydesdale owner to appoint three non-executives after Virgin Money deal

0 Jim Pettigrew – ‘delighted’ to have the three on board Clydesdale Bank owner CYBG has announced the appointment of three non-executive directors as part of its takeover of Virgin Money.

The group, which also owns the Yorkshire Bank, said Geeta Gopalan and Darren Pope would be appointed as independent non-executive direc- tors of CYBG while Amy Stirling would become a nonexecutive director. They will each also join the board of Clydesdale Bank.

Following completion of the takeover offer, Gopalan will be appointed a member of the CYBG risk committee and the Clydesdale Bank risk committee with Pope being appointed a member of the audit committees of both boards.

Jim Pettigrew, CYBG chairman, said: “We are delighted Geeta, Darren and Amy have agreed to join the CYBG board on completion of the offer.

“We believe the combination of CYBG and Virgin Money will be a powerful force in UK banking and the insight, expertise and experience of all three proposed directors will be invaluable as we bring both businesses together to create the first true national competitor to the status quo.”

On Monday, CYBG said it had delivered a “solid performance” in its third quarter ahead of its tie-up with Virgin Money.

Releasing a trading update for the three months to the end of June, the group reported mortgage growth of 3.8 per cent to £24.2 billion in the year to date.

Growth in its core small and medium-sized business division amounted to 4.7 per cent so far this year, with £420 million of gross loans and facilities written in the third quarter.

Chief executive David Duffy said he continued to expect the recommended all-share offer for Virgin Money to complete during the fourth quarter of this year.