Clydesdale Bank to buy out Virgin Money in £1.7 billion takeover

Apart from the very fact that jobs will be lost (confirmed by CYBG parent owner of The Clydesdale Bank) The news that the bank has acquired Virgin Money in a 1.7 billion takeover deal. Leaves me with some very serious concerns about CYBG’s intention to lose the name of the Clydesdale bank, replacing it with Virgin money in a deal that will see the Clydesdale paying Richard Branson some 15 Million a year to use the Virgin Brand Name. This to me amounts to adding insult to injury.

Virgin money is a mere infant in comparison to the Clydesdale. With virgin Money having only been set up by Richard Branson in 1995 and it’s only acquisition “The Norther Rock Bank” formerly a building society. A financial institute that was nationalised in 2008 following the banking crises of 2008, and sold to Richard Branson in 2011. With a loss of £450 million of taxpayers money.

The Clydesdale Bank was formed In May 1838. Opening branches in both Glasgow and Edinburgh. The Clydesdale bank was the brain child of a group of Glasgow business men, who were seen as liberal radicles, who were active in both Government and charities based within Glasgow. With Clydesdale Bank still running its headquarters in Glasgow to this Very day.

Why should we be worried about this takeover…?

Clydesdale Bank has always had the right to print its own banknotes. The bank issued its first notes on its opening day of business. In 1884 the Bank Charter act was introduced. giving the Bank of England the sole rights to produce banknotes for both England and Wales. With Scotland being exempt and retaining, their right to produce, their own notes. This ruling still stands to this very day.

Given that CYBG the parent company is a subsidiary of The National Australia Bank. Are we to see the disappearance of Scotland’s Hero’s and kings from our notes. The Clydesdale bank has for years futured Robert Burns and Robert The Bruce on their notes.

Would we genuinely want our currency to feature the mug shot of Richard Branson and he charge the bank another £10 million a year for the privilege? More to the point he is worthy of such an accolade in Scotland?

Does the board of director,not realise that this is our heritage…?   

Will Brexit affect our options to retain our own bank notes…?

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