Blow for Clydesdale after failing to win share of RBS funding pot

Clydesdale bank sign

SHARES in Clydesdale Bank owner CYBG plunged more than five per cent in early trading this morning as it emerged the bank had been unsuccessful in bidding for a share of funds set aside to boost competition in the banking market for SMEs (small and medium-sized enterprises).

CYBG had bid for a share of a £775 million remedies package provided by Royal Bank of Scotland to satisfy European competition concerns arising from its £45 billion bailout during the financial crisis. Royal Bank agreed to provide the funding after failing to offload its 300-strong Williams & Glyn branch network – a condition of its bailout under state-aid rules.

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