The Clydesdale and Yorkshire bank brands are set to disappear from high streets after Virgin Money agreed to a £1.7bn takeover by the owner of the two institutions that will lead to the loss of more than 1,500 jobs.

Clydesdale and Yorkshire Bank Group (CYBG) will combine with Virgin Money to create the UK’s sixth-largest bank, with 6 million personal and small business customers, and total lending of £70bn.

While it is CYBG in the driving seat, it is the Virgin Money brand that customers will see in future. The deal signals the end of a high street presence for the Clydesdale Bank brand, which was established in Glasgow in 1838, and its sister brand Yorkshire Bank, which was founded in Halifax in 1859. There are 70 Clydesdale Bank branches and 97 Yorkshire Bank outlets.

The deal also prompted online speculation that because Clydesdale is one of only a small number of banks worldwide that issues its own banknotes, there could soon be Virgin Money notes – perhaps even featuring a portrait of Sir Richard Branson – circulating in Scotland. However, the bank note-issuing licence is in Clydesdale’s name and CYBG has indicated there are no plans to make changes to the notes.

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