Company
LON:VMUK
Virgin Money UK PLC is an independent banking group with over 175 years of heritage through its Clydesdale Bank and Yorkshire Bank brands. CYBG merged with Virgin Money in June 2018.
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“Although the vaccine news is a strong cause of hope for the future, the economic benefits are still some way off when considering the immediate reality of current restrictions and so have not yet been factored into our near-term forecasts,
The lender said it has not yet seen any significant problems but is “preparing assiduously to manage higher levels of customers in financial difficulty”
Management highlighted a defensive loan book, with 82% in high-quality mortgages and 11% in business lending with no material exposures to the more immediately impacted sectors
Archive
A look at some of the day's major movers on Friday.
“While sentiment improved following December's election result, the UK banking market continues to face competitive pressures and uncertainty over the final Brexit settlement”
The Scot joined CYBG in 2012 and became chairman in 2014, overseeing the Virgin merger in 2019
"Could've been a lot worse" seemed to be the market's reaction
