Combination with Virgin Money positions CYBG as the main challenger to the six-largest U.K. banks, with scope for cost synergies and business growth. Solid capitalization by our measures. Asset quality is sound, underpinned by a loan book dominated by residential mortgages. Multi-year transformation of the business has been extended by the Virgin deal. Exceptional items continue to weigh on statutory earnings. Net interest margin pressure from competitive U.K. mortgage market. The stable outlook reflects our expectation that CYBG's management will move quickly and effectively to integrate Virgin Money and work toward its planned cost synergies over our two-year outlook horizon. The outlook also assumes that our view of prospective U.K. bank asset quality does not materially weaken in the context
