Clydesdale debuts in nervous market
The bank’s debut on the LSE was delayed by 24 hours following intervention from a credit agency, but the hold up did not deter enthusiasm for the stock when conditional dealings began this morning. The shares immediately opened 4p higher and peaked at 192.75p.
Three-quarters of Clydesdale’s shares were given to existing investors, with the remainder sold to institutions.
CYBG, as the new listed group is called, comprises the demerged Clydesdale and Yorkshire banks and the former is now independent for the first time since 1920.
The group has 275 retail branches (121 Clydesdale and 154 Yorkshire) and 40 business centres, but the emphasis is likely to be on the digital platform despite the commitment given by chief executive David Duffy to the branch network.
The FTSE 100 recovered after a morning plunge but fell back sharply again to close at 5,837, down 84.9 points.