Clydesdale and Yorkshire Banking Group ups UK banking ante

Clydesdale and Yorkshire Banking Group (CYBG) — which is headed up by former AIB CEO David Duffy — has laid out plans to challenge Britain’s big banks, betting that a re-brand as Virgin Money and growth in business banking will help it to shake up the market.

The bank has pledged to further cut costs and to package up offers with other Virgin companies on holidays and flights after its £1.7bn all-share takeover of rival lender Virgin Money last year.