CYBG plc - Sets out ambitious medium-term targets

Davy Research
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CYBG has set out an ambitious set of targets, with significant growth in SME and unsecured lending underpinning its medium-term plan. Geographic expansion and re-branding to Virgin Money of the SME offering will assist, yet it will also be dependent on the general economic backdrop. Increased cost take-out is within its control and will likely be the main driver of our forecast changes.