...LONDON (S&P Global Ratings) May 9, 2018--S&P Global Ratings said today that its ratings and outlook on U.K. bank holding company CYBG PLC (###-/Stable/A-3) and subsidiary Clydesdale Bank PLC (###+/Stable/A-2) are not immediately affected by the announcement that CYBG has made a preliminary approach regarding a potential all-share combination of CYBG and Virgin Money (not rated). CYBG announced on May 7, 2018, that, under the proposed terms, it would acquire all of Virgin Money's outstanding ordinary shares and that Virgin Money's shareholders would retain about 36.5% of the combined banking group. If the transaction goes ahead, the combined banking group would be a leading U.K. challenger bank, providing competition to major high-street banks in lending to retail and small and midsize companies across the U.K. We understand Virgin Money's board is currently reviewing this preliminary offer. We are closely monitoring this story and, as and when more information becomes available, we will...
