November 2, 2017 / 7:35 AM / 17 days ago

BRIEF-CYBG bumps up provisions over legacy conduct costs

Nov 2 (Reuters) - CYBG PLC:

* ‍NAB HAS RECOGNISED A CHARGE IN CONNECTION WITH CLAIMS THAT HAVE BEEN, OR ARE EXPECTED TO BE, MADE BY CYBG​

* CLAIMS ‍IN CONNECTION WITH CONDUCT INDEMNITY DEED BETWEEN CYBG AND NAB​

* ‍CYBG WILL INCREASE ITS PROVISIONS FOR LEGACY CONDUCT COSTS AS AT 30 SEPTEMBER 2017 BY £403 MILLION​

* ‍UNDER TERMS OF CONDUCT INDEMNITY DEED CYBG IS REQUIRED TO FUND 9.7 PCT OF THIS PROVISION INCREASE​

* ‍CYBG WILL RECOGNISE A FURTHER CHARGE OF £39 MILLION (PRE-TAX) IN ITS INCOME STATEMENT FOR TWELVE MONTH PERIOD ENDED 30 SEPTEMBER 2017​

* ‍THIS WILL IMPACT CYBG‘S CET1 CAPITAL RATIO BY APPROXIMATELY 20 BPS AS AT 30 SEPTEMBER 2017​ Source text for Eikon: Further company coverage:

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