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Virgin Money agrees to takeover by rival CYBG

Deal will create 'UK's first true national banking competitor'

Virgin Money agrees to takeover by rival CYBG

UK challenger bank Virgin Money has agreed to a £1.7bn takeover by rival CYBG — a deal the two groups say will the "create the UK's first true national banking competitor to the status quo".

The combined group will serve some six million customers, according to a stock exchange announcement filed on June 18.

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