Tag: CYB

Negative factors continue to pile up for UK bank CYBG, amid unprecedented provisions for potential claimants in its FY19 accounts. Brokers rush to remove dividends from forecasts.

Shares in the NAB UK bank spin-off, CYBG have been hammered yet again after it revealed a second major provision against sales of dodgy insurance products.

Financial group CYBG plans to exploit its under-utilised customer base through enhanced products and services, re-branding as Virgin Money by the end of the year.

Shares in UK bank, CYBG, the spin-off from the National Australia Bank were hammered yesterday after producing an unimpressive set of figures for the year to September 30 and nearly £200 million more in losses and provisions to cover the continuing costs of an insurance selling scandal and “other issues”.

The de-Australianisation of UK challenger banking group, CYBG will continue with the news that Virgin Money has agreed to be taken over in a $US1.7 billion all paper deal.

CYBG, the mostly Australian owned UK bank, has lifted its offer for Virgin Money as expected from 1.6 billion pounds to 1.7 billion pounds ($A2.99 billion) on the eve of the expiration of a key deadline for the offer.

UK bank CYBG (which is substantially Australian owned and listed on the ASX and the London Exchange) looks like it will have to lift its takeover offer for rival bank Virgin Money after a slump in its stock slashed the value of its all-share proposal.

It was Bank Holiday Monday in the UK yesterday, so perhaps the bosses at CYBG were on a day off – perhaps that’s why they failed to inform the ASX that they had made an all-share takeover for Virgin Money worth more than £1.6 billion, or more than $A2.8 billion. A copy of the CYBG announcement was lodged with the ASX at 7.30 am Tuesday.

Shares in CYBG dropped 6.7% to $5.19 yesterday after the ASX-listed parent of British banks Clydesdale, Yorkshire revealed another increase in provisions for costs associated with the miss selling of payment protection insurance (PPI) by around £350 million ($A645 million).

Nearly a year on from its spin off from the National Australia Bank (NAB), Clydesdale and Yorkshire Banking Group (CYB) has put more flesh on the restructuring plan first announced in late 2016. In fact the bank is using an axe and not a scalpel to revamp itself judging by the announcement yesterday.

Freed of its National Australian Bank (NAB) parentage, Clydesdale and Yorkshire Banking Group (CYB) has posted its first statutory profit in five years.

The NAB spin-off, the Clydesdale and Yorkshire Banking Group (CYB) has revealed a series of cost-cutting measures to accelerate its financial targets, which it said last night take into account “revised expectations” for the UK economy following the Brexit vote on June 23.

Shareholders in the NAB’s UK orphan Clydesdale Bank (CYB) had themselves to thank for the bottom line in the newly separated company’s first interim results.