CYBG, which runs the Clyesdale and Yorkshire banks, has upped its offer for UK rival Virgin Money just hours before the deadline to agree a deal was due to expire.

The revised all-share offer would see Virgin Money shareholders own around 38% of the combined business, according to statements from the firms dated June 3 but published to the London Stock Exchange on Monday morning. That is an improvement on the 36.5% share previously tabled.