Clydesdale targets extra cost savings from Virgin Money takeover

Credit: REUTERS/PHIL NOBLE

Clydesdale and Yorkshire Banking Group has pledged to make an additional 50 million pounds in savings from its takeover of rival British lender Virgin Money, taking the total saved to 200 million pounds ($251.16 million).

LONDON, June 19 (Reuters) - Clydesdale and Yorkshire Banking Group CYBGC.L has pledged to make an additional 50 million pounds in savings from its takeover of rival British lender Virgin Money, taking the total saved to 200 million pounds ($251.16 million).

The target for the end of the financial year 2022 adds to CYBG's previous cost savings target of 150 million pounds for 2021.

CYBG said it would begin rebranding as Virgin Money by the end of this year.

The bank will present an updated strategy to investors at a capital markets day in London today.

(Reporting by Iain Withers, editing by Sinead Cruise)

((Iain.Withers@thomsonreuters.com; +44(0)207 542 3330;))

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