The recently merged bank is positioned as the main challenger to the six-largest U.K. retail 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. Restructuring and acquisition costs will continue to weigh on statutory earnings this year and next. Persistent net interest margin pressure from a competitive U.K. mortgage market and a low interest rate environment. Lower revenue diversification than that of U.K. peers. The stable outlook reflects our expectation that Virgin Money's management will continue the integration process effectively and work toward its planned cost synergies over our two-year outlook horizon. We do not anticipate any ratings upside in the next
