CYBG PLC – Confirmed CYBG Bank Strategy
In the AGM, both the Chairman and CEO confirmed that CYBG / Virgin Money:
? is a standout competitor / has the right team in place
? Is a true alternative to large incumbent banks.
? has 6 million Individual and SME customers with full service offerings
? has a “deeply embedded customer focus culture”
? has significant opportunities via the merger .. strategic merit of acquisition of Virgin Money
? Is no longer regional – now a national iconic brand with Virgin – with 99% brand recognition and aspirational for growth. Has delivered the “Organic Strategy” since the IPO in 2016.
? has 10.6% Return on Equity – targeted double-digit returns and trebled dividend
? has the right strategy
The CYBG Members believe this is a sound business strategy but the management competence and culture need to change to execute it successfully…
Current Issues with Strategy
There is however a current millstone which will prevent you from using these positive strategic benefits, and this millstone is massive legacy issues.
Published 17 March 2019: Please see Document Index for a selection of Documents which we and professionals judge is relevant to legality and other matters for CYBG : Cerberus: Promontoria.
12 April 2019: CYBG/ Cerberus/ Promontoria: Further documentation etc. information will be released on the public version of the website here from 12 April 2019. Members have access to all documents now in their section.
Senior Management time needs to be properly allocated to this subject SOON and then the necessary and agreed actions followed through.