Virgin Money Result Overwhelmed by Provisions in Fiscal 2020; We Expect a Recovery in 2021

The history of Virgin Money UK dates back to early 2016, when National Australia Bank demerged its U.K.-based operations in Clydesdale Bank and Yorkshire Bank. Both these banks (known collectively as CYBG) were part of a U.K. holding company, known as CYBG PLC. National Australia Bank shareholders received 75% of CYBG stock and the remaining 25% was sold to institutional shareholders. The demerger implementation date was Feb. 8, 2016. The IPO price equated to a market capitalisation of approximately GBP 1.58 billion (or AUD 3.22 billion). CYBG's primary listing is the London Stock Exchange, with a secondary listing of fully fungible CHESS Depository Interests on the ASX.