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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Virgin Money UK PLC    CYBG   GB00BD6GN030

VIRGIN MONEY UK PLC

(CYBG)
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CYBG Makes Offer for RBS' Williams & Glyn Unit -- Update

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10/25/2016 | 05:56pm EDT

By Robb M. Stewart

MELBOURNE, Australia--The parent of Clydesdale Bank and Yorkshire Bank has made an offer to acquire Royal Bank of Scotland Group PLC's Williams & Glyn unit, bidding for the consumer bank in move to bolster its operations following this year's initial public offering.

CYBG PLC, which was spun off this year by National Australia Bank Ltd. and listed in London and Sydney, on Wednesday said it had made a preliminary and non-binding proposal to RBS for the Williams & Glyn operations. Talks were ongoing and there was no certainty a deal would be concluded or on what terms a deal might be agreed, it said in a statement to the Australian securities exchange.

The company said its board had a duty to continually evaluate all potential opportunities to enhance the business, but would only seek out combinations that were in line with CYBG's strategic objectives.

Following its government bailout, RBS is required under European Union state aid rules to spin off 314 branches. These were bundled under the Williams & Glyn brand, and RBS is required to unload the business by the end of next year.

In August, RBS said it planned to sell the unit rather than continue an expensive plan to list it. That decision came shortly after RBS received an offer for Williams & Glyn from the U.K. arm of Banco Santander, according to people familiar with the offer, The Wall Street Journal reported.

CYBG floated in February after National Australia Bank handed the bulk of its U.K. operation to its shares and launched an IPO for the remainder. NAB bought Glasgow-based Clydesdale in 1987 before picking up Yorkshire Bank in 1990.

Write to Robb M. Stewart at robb.stewart@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
NEXT PLC 1.84% 4805 Delayed Quote.-32.79%
SEEK LIMITED -0.70% 21.42 End-of-day quote.-5.01%
THE ROYAL BANK OF SCOTLAND GROUP PLC 0.58% 122.2 Delayed Quote.-49.44%
VIRGIN MONEY UK PLC 0.99% 93.82 Delayed Quote.-50.73%
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Financials
Sales 2020 1 556 M 1 960 M 1 960 M
Net income 2020 -102 M -128 M -128 M
Net Debt 2020 - - -
P/E ratio 2020 -10,9x
Yield 2020 0,33%
Capitalization 1 336 M 1 689 M 1 683 M
EV / Sales 2019
Capi. / Sales 2020 0,86x
Nbr of Employees 9 667
Free-Float 82,5%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 146,39 GBX
Last Close Price 92,90 GBX
Spread / Highest target 277%
Spread / Average Target 57,6%
Spread / Lowest Target -24,7%
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Managers
NameTitle
David Joseph Duffy Chief Executive Officer & Executive Director
David Jonathan Bennett Chairman
Fraser Ingram Chief Operating Officer
Ian Stuart Smith Group Chief Financial Officer & Executive Director
Paul Jonathan Coby Independent Non-Executive Director
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