SHARES in Clydesdale Bank parent CYBG were up by as much as 15 per cent this morning after the company revealed that it expects to make greater savings than initially thought following its £1.7 billion takeover of rival Virgin Money.
The business, which also owns Yorkshire Bank, said it expects to make annual savings of at least £150 million by the end of 2020/21, compared with the £120m previously announced.
Chief executive David Duffy said: "The group has made a good start to the year and we are making encouraging progress on the initial stages of the three-year Virgin Money integration programme."
Shares in the group were trading at 205.4p this morning, up from yesterday's close of 178.8p.
It comes a week after investors in the banking group showed their disdain for its plans for executive pay, with more than a third of shareholders voting against its 2018 remuneration report.
Institutional Shareholder Services, the influential advisory group, had recommended investors oppose the report, noting that the variable pay potential for executive directors will nearly double in 2019.
Mr Duffy received remuneration totalling £1.83m in the year ended September 30, which included an annual salary of £1m and bonus of £620,000.
His overall pay could rise to as much as £4m this year, based on the maximum amounts he could earn under the bank’s bonus scheme and the value of awards made under its long-term incentive plan (LTIP).
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