YORKSHIRE BANK owner CYBG Group has “maintained momentum” in its mortgage loan book, as the business prepares to demerge from its Australian parent and launch an IPO.
CYBG – Clydesdale and Yorkshire Bank – is scheduled to float on the London market on February 8 and become a FTSE-250 company.
National Australia Bank (NAB) bought Clydesdale Bank in 1987 and Yorkshire Bank in 1990 but has been wanting to offload its UK interests for several years. 75% of Clydesdale and Yorkshire Bank Group will go to NAB shareholders and the remaining 25% will be available through the IPO to institutional investors.
Today it has said trading in the final quarter of 2015 was in line with expectations, helped by 6.6% annualised growth in mortgages while core SME lending balances were stable.
The Group continued to acquire personal and business current account customers, with 28,930 accounts opened, delivering net growth in the period.
