Virgin Money receives £1.6bn takeover offer
The recent news that Clydesdale and Yorkshire Banking Group (CYBG) has made a takeover bid for rival Virgin Money has sparked talk of increasing consolidation in the market. The deal itself would create a company with six million personal and business customers, providing a powerful full-service banking offer.
In reaction to this breaking story, Nick Field, Director at Arrowpoint Advisory, spoke to the media about the evident attraction of creating a 'challenger' bank with total assets in excess of £80 billion. He notes the relatively strong retail deposit franchises of both parties, as well the positive synergies on the asset side of the balance sheet, with clear potential to drive value for shareholders in the merged group.
You can read Nick's full comments in The Guardian and Sky News.