Clydesdale Bank reaps Virgin savings; Brexit, mortgage slowdown cloud outlook

Clydesdale bank sign

ASX-listed Clydesdale & Yorkshire Bank is reaping greater than expected synergies from its purchase of Virgin Money last October, though it warned of a slowdown in mortgage lending and a continued pall from Brexit uncertainty.

The merger with Virgin is now expected to deliver a minimum of £150 million ($273 million) in savings by the end of CYBG’s 2021 financial year, up from an initial forecast for £120 million, according to a trading update for the December quarter released overnight.

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