CYBG 'evaluating opportunities' after Williams & Glyn talks cease

A day after it emerged in media reports, banking group CYBG confirmed on Tuesday morning that it had ceased discussions with RBS Group over the Williams & Glyn operations.

The FTSE 250 firm said in a statement that, further to its announcement on 25 October and RBS Group’s announcement on 17 February, it had notified RBS that it was withdrawing its preliminary non-binding proposal for, and ceased discussions relating to, the Williams & Glyn operations.

“CYBG's medium term performance targets are wholly based on the organic business strategy and incorporate prudent economic planning assumptions,” the statement read.

“Building on progress made since the demerger and IPO, CYBG continues to focus on and deliver against its strategy of sustainable customer growth, efficiency and capital optimisation, as outlined on Capital Markets Day in September 2016.”

As it had previously stated, the board of CYBG was continuing to evaluate potential inorganic opportunities to enhance its business in line with its strategic objectives.