Yorkshire Bank joins FTSE 250

YORKSHIRE and Clydesdale Banks have joined the FTSE 250, months after a demerger from the National Bank of Australia.

NAB completed its exit from the Clydesdale and Yorkshire Banking Group in February, and the new business was floated on the stock exchange following a £395.7m IPO. It is the first tiem the banks have been independent since 1920.

It became eligible when it joined earlier in the year, but missed the deadline for March entries.

In May it was announced that CYBG had put aside a further £450m, after provisions for PPI increased.

As CYBG, Metro Bank and Smurfit Kappa joined the FTSE250, other companies including Lookers, Jimmy Choo and Interserve were removed.