Virgin Money and Clydesdale bank owner CYBG swings to a loss as it faces legal action over mis-sold loans

Shares in CYBG, the group that recently bought Virgin Money, fell more than 10 per cent after it swung to a full-year loss and warned of lower levels of business confidence due to Brexit.

It comes as CYBG, which is the parent company of Clydesdale and Yorkshire Banks, could also be facing legal action by hundreds of small businesses who claim they were mis-sold tailored loans.