CYBG, which owns the Clydesdale and Yorkshire bank brands, has submitted a formal offer for Williams & Glyn, which RBS must sell after its acceptance of £46 billion of state aid Stefan Wermuth/ReutersClydesdale is pressing ahead with its offer for the 300-branch network being split off by Royal Bank of Scotland, as the fledgling bank delivered its first profit in five years. More than 6 per cent growth in mortgages and small business lending during the year to September 30 also showed that the bank was delivering on the promises it made at its flotation, according to David Duffy, chief executive. CYBG, which owns the Clydesdale and Yorkshire bank brands, confirmed a month ago that it had submitted a formal offer for Williams & Glyn, which RBS must sell after its acceptance of £46 billion of state aid. Since then Santander has returned to the auction with an improved bid, but politicians may favour Clydesdale as a…

Source: The Times November 23, 2016 00:01 UTC