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CYBG To Cut Around 330 Full-Time Roles Due To Virgin Money Integration
UK's Unite Says CYBG, Virgin Money Have Informed Workforce Of Around 330 Job Losses
CYBG To Exit Virgin Money Corporate Office At St Andrew Square In December
CYBG PLC is a United Kingdom-based company that operates through Clydesdale Bank PLC (Clydesdale Bank), Yorkshire Bank, B and Virgin Money brands. It offers a range of banking services for both retail and business customers through retail branches, business banking centers, direct and online channels, and brokers. Clydesdale Bank provides the United Kingdom retail and small and medium enterprises (SME) banking services. Clydesdale Bank's products and services include mortgages, current accounts, deposits, term lending, personal loans, working capital solutions, overdrafts, credit cards and payment and transaction services. The Bank consists of approximately 160 branches.
30 St. Vincent Place
James Neilson Pettigrew
Non-Executive Chairman of the Board
David J. Duffy
Chief Executive Officer, Executive Director
Deputy Chairman of the Board and Senior Independent Non-Executive Director
Group Chief Financial Officer, Executive Director
Interim Chief Operating Officer
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* Shares fall 8% (Adds analyst comment, details on PPI, share movement)
British lender CYBG Plc lowered its forecast for full-year margins on Tuesday after posting a slight dip in quarterly margins as a slowdown in its mortgages unit offset growth in lending to small and medium sized businesses and individuals.
British bank CYBG said on Friday it would be clearer about how it determines pay and awards for top executives, after more than a third of shareholders voted against the lender's remuneration report at its general meeting in January.
** UBS raises target price in lender CYBG Plc; maintains "neutral" rating
* Lender pledges an additional 50 mln stg of annual savings (Adds quotes, further detail)
* Shares jump 10 pct (Adds details on results, CEO, CFO quotes, share movement)
British bank CYBG <CYBGC.L> was hit by a surprise mis-selling charge and the uncertainty of Brexit on Tuesday, driving its shares to their biggest single day loss since floating in 2016.
British lender CYBG Plc posted a 13 percent rise in underlying pretax profit for the year on Tuesday and said it had started contingency planning due to uncertainties from the country's exit from the European Union.
British lender CYBG Plc posted a 13 percent rise in underlying pretax profit for the year on Tuesday and said it had planned for a period of uncertainty stemming from the country's exit from the European Union.
British lender CYBG Plc, which is buying rival Virgin Money, said on Monday its third-quarter trading was in line with its expectations, but cautioned that the mortgage market remained extremely competitive.
CYBG is closing in an agreement to buy rival Virgin Money to create a larger bank to take on Britain's biggest lenders, a source familiar with the matter told Reuters on Friday.
Shares in lender CYBG rose as much as 3 percent on Monday after it announced a revised bid for rival Virgin Money <VM.L>, increasing the likelihood of a deal that would create a new competitor to Britain's biggest banks.
The acquisition of British bank Virgin Money by lender CYBG could result in significant efficiency gains, the boards of the two companies said, after CYBG raised its offer.
British lender CYBG <CYBGC.L> said on Sunday it had raised its offer to buy challenger bank Virgin Money <VM.L> by a 7 percent increase in the exchange ratio through an all-share combination.
* No update on Virgin Money takeover bid Mis-selling charge pushes bank into red Shares fall as much as 6 percent (Recasts, adds share price reaction)
Virgin Money <VM.L> is still reviewing a takeover offer by rival British bank CYBG <CYBGC.L> and an announcement will be made in due course, Chairwoman Irene Dorner said on Wednesday.
Shares in Virgin Money rose as much as 9 percent on Tuesday after the British bank said it had received an all-share takeover offer by rival CYBG , valuing the group at about 1.6 billion pounds ($2.17 billion).
Virgin Money <VM.L> said on Monday that it had received an all-stock takeover offer from rival CYBG Plc <CYBGC.L>, a proposal that values the British lender at about 1.6 billion pounds ($2.17 billion).
UK challenger bank Virgin Money Holdings (UK) Plc said on Monday that it had received a preliminary and conditional takeover offer from mid-sized bank CYBG Plc.
Shares in British mid-sized bank CYBG fell 6 percent on Wednesday, after the lender said it had increased provisions for repaying customers missold payment protection insurance (PPI) by 350 million pounds ($497.60 million).
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.