CYBG Raises National Australia Bank Legacy Conduct Costs Provisions
02 Noviembre 2017 - 3:44AM
Noticias Dow Jones
By Maryam Cockar
Banking group CYBG PLC (CYBG.LN) on Thursday said that it will
increase its provisions for National Australia Bank Ltd. (NAB.AU)
legacy conduct costs by 403 million pounds ($534.6 million).
The move is connected to a conduct indemnity deed signed by the
two companies, which requires CYBG to finance 9.7% of the provision
increase, with the remaining balance funded by former parent
National Australia Bank.
As of the end of September, CYBG had GBP671 million reserved for
legacy conduct matters.
CYBG said that due to the provisions increase, it will recognize
a further charge of GBP39 million for fiscal 2017. The group said
that this will affect its common equity Tier 1 capital ratio by
about 20 basis points, but that it sees the ratio remaining within
its 12% to 13% guidance range.
Shares in CYBG were down 12.50 pence, or 3.9%, to 303.30 pence
at 0911 GMT.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
November 02, 2017 05:29 ET (09:29 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
National Australia Bank (ASX:NAB)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
National Australia Bank (ASX:NAB)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024