CYBG ‘puzzled’ by failure to win bank competition grants

David Duffy CEO CYBG, Clydesdale Bank

CYBG, the owner of Clydesdale Bank, Yorkshire Bank and Virgin Money, declared itself disappointed and puzzled after failing to win anything in the first two phases of the disbursement of £775 million in special grants to boost competition in business banking.

Shares in the group rose by 6¼p, or 3.3 per cent, to 197½p as it revealed a resilient first-half performance, with its key net interest margin barely dented by the mortgage price war hurting some rivals. It also said it was making good progress in integrating Virgin Money, which it bought in an all-shares deal last October.

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