Clydesdale Bank and Yorkshire Bank owner CYBG has cheered a hike in lending and upped its cost savings target after the £1.7 billion takeover of rival Virgin Money. Clydesdale Bank and Yorkshire Bank owner CYBG has cheered a hike in lending and upped its cost savings target after the £1.7 billion takeover of rival Virgin Money. Shares in CYBG jumped 9% after it increased its cost-cutting targets following the Virgin Money deal – now expecting annual savings of at least £150 million by the end of 2020-21, against the £120 million previously announced. The group said 34.2% of investor votes were made against its pay plans at its annual general meeting (AGM) in Melbourne, Australia. While the plans were approved by 65.8% of shareholders voting in favour, CYBG pledged further talks with investors.

Source: Irish Independent February 06, 2019 08:48 UTC