Around 330 jobs are being axed at Clydesdale and Yorkshire Bank owner CYBG and a number of sites are closing following its £1.7 billion takeover of Virgin Money.
Lloyds Banking Group has become the latest high street lender to increase the amount of money it needs to pay out for mis-selling Payment Protection Insurance, following a surge in claims.
Shares in CYBG have hit a record low after the bank warned it would take a hit of up to £450 million on payment protection insurance (PPI) costs.
CYBG chief executive David Duffy said yesterday he did not know if branch closures were largely behind the Scottish banking group.
CYBG’s £1.7 billion takeover of Virgin Money has been formally completed, marking one of the first major banking deals since the financial crisis.
A Clydesdale Bank boss insisted yesterday the 180-year-old Scottish bank would not lose its heritage after the parent, CYBG, rebrands as Virgin Money.
Clydesdale Bank owner CYBG and Virgin Money said yesterday their proposed merger would create the UK’s “first true national banking competitor”.
CYBG chief executive David Duffy said yesterday payment protection insurance (PPI) woes were “in the rear view mirror” for the Clydesdale Bank owner.
The owner of Clydesdale and Yorkshire banks has revealed an extra £350million hit after seeing soaring payment protection insurance (PPI) claims ahead of the complaints deadline.
The UK’s biggest banks are getting bigger but Scottish rival CYBG stands head and shoulders above other “challengers” in the industry, its boss said yesterday.
A group that was formed to gather claims against Royal Bank of Scotland over the conduct of its now defunct Global Restructuring Group has now turned its attention to Clydesdale Bank.
The Clydesdale and Yorkshire banking group (CYBG) has said it has no immediate plans for further branch closures as it announced a 15% rise in half-year profits.
Bosses at Clydesdale Bank owner CYBG said yesterday they were planning for a slowdown in the UK economy and also for a zero percent base rate of interest until 2020.