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Mid-sized British bank CYBG said on Monday it had clinched a deal to take over rival Virgin Money after over a month of talks, in a deal valuing the lender at around 1.7 billion pounds ($2.26 billion).
The deal will create Britain’s sixth biggest bank by assets. It is on the same terms as an increased bid CYBG put forward earlier in June, will see Virgin Money shareholders receive 1.2125 CYBG shares per Virgin Money share and own approximately 38 percent of the combined group.
CYBG’s chairman, Jim Pettigrew, its CEO David Duffy and its finance director Ian Smith will all retain their roles in the combined group, with Virgin Money CEO Jayne-Anne Ghadia to act as a senior adviser to Duffy for an unspecified period of time beyond the completion of the offer.