Jayne-Anne, who has been Virgin Money's CEO for over 10 years, will remain as a senior adviser to CYBG's chief executive, David Duffy, over the next 18 months.
Virgin Money’s chief financial officer, Peter Bole, will become integration director of the combined group and is joined by Virgin's managing director, Hugh Chater, who will be responsible for overseeing the day-to-day operation of the Virgin Money business.
David Duffy said: “Today marks an historic milestone for CYBG and Virgin Money, creating the first true national competitor to the status quo in UK banking with a clear ambition to provide customers with the best service in the UK.
"Bringing the two banks together creates the UK’s sixth largest bank combining strong product, service and technology capabilities alongside an iconic brand with well-known consumer champion credentials.
“We are focused on delivering an excellent customer experience as we bring the two businesses together. This will be achieved through a clear, low-complexity, phased integration and re-branding plan over the next three years.
"This is a unique combination that will enable us to compete with the large incumbent banks.”
Jim Pettigrew, chairman of CYBG, commented: "I am delighted we have completed the acquisition of the Virgin Money business.
"It is clear to us that the Combined Group can transform the UK banking landscape and offer real benefits to customers and communities throughout the UK.
"Since our IPO in 2016, the CYBG Board and leadership team has established CYBG as a strong and sustainable business, with a track record of delivery and the credentials to deliver a transformational combination with Virgin Money. This transaction can deliver real value for all shareholders and create a powerful force in UK banking."
