The rise follows the announcement made yesterday by CYBG that a “significant milestone” had been reached which marked the beginning of the rebranding of Clydesdale and Yorkshire banks to Virgin Money.

The milestone means that the historic name of Clydesdale Bank will be wiped out as the rebranding unfolds. 

The rebranding can now begin as Virgin Money UK has secured court approval under banking regulations for the transfer of operations to take place.

The transfer of operations means customers of Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands will now be served from a single regulated banking entity.

CYBG said it was a “significant milestone” which means it can now begin the integration to enable it to offer the full range of products and services from across the combined business.

It said: “It also enables us to proceed with the platform integration activities that support the delivery of our targeted cost savings and to commence the full re-brand of the group, including a re-launch of the Virgin Money brand in the coming months”.

The re-branding process will begin with the B digital banking service changing to Virgin Money.

An enhanced personal current account relationship proposition will be introduced next year, Virgin Money for Business will be launched with an improved customer proposition and the re-branding of Yorkshire Bank and Clydesdale Bank to Virgin Money will also commence.

The group will also be changing its name from CYBG to Virgin Money UK and by 31 October 2019.