8th Feb 2016 11:19
LONDON (Alliance News) - CYBG PLC, the owner of the Clydesdale and Yorkshire retail banks in the UK, saw its shares continue to trade above the pricing of its initial public offering, as unconditional dealings began on Monday.
The stock was at 206.5 pence in late-morning trade, versus the 180.0p IPO price, but down 0.2% on Friday's close of conditional dealings. The lender had a starting market capitalisation of GBP1.58 billion at the IPO price.
"Today, CYBG has become a fully independent banking group for the first time since 1920 and it is a privilege for me to be leading the business at this pivotal moment in its 177 year history. We are the only UK banking group to have a dual listing in London and Australia and we have an enviably strong and supportive shareholder register which includes blue chip institutions and individual investors across Australia, the US and here in the UK," Chief Executive David Duffy said.
The IPO was part of a move to carve out CYBG from former parent National Australia Bank.
By Samuel Agini; [email protected]; @samuelagini
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