View more on these topics

Clydesdale floats with £1.6bn market cap

Stock-Market-FTSE-Stockmarket-700x450.jpg

CYBG, formerly Clydesdale Bank, floated on the London Stock Exchange today with a market capitalisation of around £1.58bn.

The former arm of National Australia Bank priced its 219,828,814 ordinary shares at 180p.

CYBG chief executive David Duffy says: “This is truly a landmark day for CYBG as we move towards becoming an independent banking group for the first time in almost a century and we are delighted to be listing on both the London Stock Exchange and the Australian Securities Exchange.”

CYBG chairman Jim Pettigrew says: “Today marks a very important milestone in our 177-year history as we begin life as an independent listed company. I welcome our new shareholders and thank them for the confidence they have shown in our business.”

The bank was due to float yesterday but delayed its planned IPO for 24 hours due to a potential deposit rating downgrade by one of the rating agencies.

CYBG completed its demerger from National Australia Bank yesterday.

Recommended

Sign-Signing-Letter-Contract-Business-700.jpg

Limited Co applications on the increase

Limited company applications made up 43 per cent of its buy-to-let cases in January, according to data from broker Mortgages for Business. These applications are up 5 per cent on December 2015’s 38 per cent. Mortgages for Business managing director David Whittaker says: “Landlords have woken up to the fact that transacting via a corporate […]

House-and-Calculator-Mortgage-Property-700.jpg

Keystone simplifies Classic range and slashes rates

Keystone Buy to Let Mortgages has simplified its Classic range and has cut rates by up to 50 basis points. All rates will now be made available to both individual and limited company borrowers, where previously there were product sets for each. Keystone managing director David Whittaker says: “Although our general strategy is to offer […]

Richard Tugwell MS Cover Index
2

Virgin Money’s Richard Tugwell resigns

Virgin Money director of intermediary sales Richard Tugwell is resigning. A Virgin spokesman says Tugwell is looking for a new career challenge and will leave later in 2016. The spokesman says: “This was entirely Richard’s decision and he will be missed. We wish Richard well for the future and thank him for his effort and […]

Andy-Frankish-700.jpg

Being Frank: Get to know Help to Buy ranges inside out

With more lenders operating in various Help to Buy schemes, we must get to know the range of products inside out The start of 2016 has seen some distinct changes in the Government product we know as Help to Buy. As more lenders support the product range, mortgage intermediaries must step up to the challenge […]

Newsletter

News and expert analysis straight to your inbox

Sign up