CYBG acquired Virgin Money for $2.2bn to create the UK's first true national banking competitor to the status quo. "The combination of CYBG and Virgin Money will create the first true national competitor to the status quo in UK banking, offering a genuine alternative for consumers and small businesses. By combining two of the UK's leading challenger banks, we will create a national, full-service bank with the capabilities needed to compete effectively with the large incumbent banks." David Duffy, CEO of CYBG. "Since our IPO in 2016, the CYBG Board and leadership team has established CYBG as a strong and sustainable business, with a track record of delivery and the credentials to deliver a transformational combination with Virgin Money. Our recommended offer can deliver real value for all shareholders and create a powerful force in UK banking." Jim Pettigrew, Chairman of CYBG.