Clydesdale sees £600m wiped off stock market value

David Duffy CEO CYBG, Clydesdale Bank

Shares in Clydesdale Bank owner CYBG plunged nearly 17 per cent after the institution warned over Brexit and made additional provision for payment protection insurance (PPI) mis-selling, wiping £600 million from its stock market worth.

CYBG chief executive David Duffy branded the £150m provision, which took to £352m the total set aside for PPI by the bank for the year ended September 30, as “disappointing”. It led the bank to report a loss of £164m, compared with a profit of £268m last year.

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