Originally written by Timothy Adler on Small Business
Virgin Money, the new name for the rebranded CYBG, plans to offer SME business banking within branches by next summer.
Virgin Money wants to increase its share of business banking current accounts from 3.5pc today to 5pc.
The new Virgin Money SME business banking service will launch a Virgin Money business account in the first half of 2020. The business account will offer online and mobile services for businesses, including digital account opening, money management tools, fully automated lending and other services such as accountancy and tax management.
Three hundred relationship managers in 40 business banking centres will be established, supporting small and medium-sized businesses. (By comparison, Barclays, which currently has a 24pc share of the business banking market, offers a network of 1,500 relationship managers.)
The bank says that it wants to one of the top three in CMA service quality ranking for business customers.
The move comes as CYBG drops its historic Clydesdale and Yorkshire Bank brands in favour of an all-encompassing Virgin Money.
CYBG says it is still assessing what its eventual SME business banking network will look like. “This is an opportunity for us to look at our network,” the bank said.
However, one signpost is

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